Nice photo of a beautiful plant. Judging from the big woolly buds and the general fuzzy appearance of the plant, and also from where it was found, I'm going to guess that it's Woollypod Milkweed, Asclepias eriocarpa. http://www.wildflower.org/gallery/result.php?id_image=27583. It can be pretty variable, especially in the color of the flowers and shape of the leaves: http://calphotos.berkeley.edu/cgi/img_query?query_src=photos_index&where-taxon=Asclepias+eriocarpa
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