Have called at Fairlee Creek often over 14 years in 5' draft sailboat, s/v Lastdance. It is well marked but can be intimidating as you enter the very narrow cut between the spit of land to starboard and the beach to port, especially if a boat is outbound and/or there are people swimming; be prepared for both.
At Red marker "2F" steer southerly and follow the channel buoys almost right up to the shore then turn left (southwesterly) and run close along the beach, then turn sharply right (south-southwesterly) into the cut, minding what can be a very strong current that often sets boats aground in sand.
Once inside, you'll find a well protected harbor with a lot of anchoring room and a marina with many deep draft sailboats etc. Photo was taken from marina tiki-bar on east side of the cut, looking north through the cut out onto Chesapeake Bay