Como is a bit closer with buses around the lake or you can travel by boat. You could train to Varenna (1 hour, 6€ if you take one of the earlier/faster connections), catch one of the boats around the lake to Bellagio or Mennagio (?€) and then on to Como. Train back to Milan from Como (1/2 to 1 hour, 4€ to 19€ depending on train).

If it must be Switzerland, Lugano is just a bit further than Como.

Thanks for reply. I have read that they are both about an hour away by train. Lugano train ride I've heard is a bit more spectacular. I've heard Como is the most popular lake, but is one any better than the other?

I don't find it much different (it's the same train line as Como). Take a look at the Italian lakes scenery on this link and compare it to Lugano pictures.

http://www.navigazionelaghi.it/eng/news.asp?ID=141

You really have 3 options and each is about an hour by train.
Lugano is a medium city and is lovely but not close to the real Alps. Como is spectacular but also not an Alpine venue.
Also consider Stresa on Lago Maggiore. Each will give you a good feel for the lakes. but you will get your best mountain views from atop Mt. Mottarone above Stresa. Good luck !

Lugano is most certainly an Alpine city in the "real" Alps:

http://www.lugano-tourism.ch/en/52/how-to-reach-lugano.aspx

Since you have tagged your post Italy, a lot of the responses you get will be from people who always prefer traveling in Italy.

(And some of the responses you get will come from people who don't know what the Alps are or where they are! Fodorite's legendary "expertise".

The contrarian strikes !

Lugano is most certainly an Alpine city in the "real" Alps

Well yes yes - I spent some days in Lugano and did a spectacular ride into the Swiss Alps - about an hour up and it is mountains and a quintessential Swiss look - plump cows with bells - flower bedecked chalets and soaring peaks overhead.

Some folks above have been to Lugano but never gone into the Alps near it that they do not even know exist apparently.

Now that said these are not classic Jungfrau or Zermatt like Alps with glaciers strewn about but at many times of year snow, etc. - Alpine as the Alps can be in most regards.

Take the postal buses into the Alps from Lugano and also boat trips on a Lake Lugano largely hemmed in by mountains - not dramatic mountains but yes Alps.

A matter of defination. Foothills are surely nearby, but you have to travel an hour to see any significant peaks. I know the area well and have stayed there 3 times.

I suggest a bus ride to Soglio if you want to see the real Alps---about an hour.