The Pit is not an official area (where a name appears on the screen). It is the giant hole that can be found in the center of Majula. Now that we have Gilligan (the ladder maker we found at earthen peak) and the silvercat ring which will allow us to descend a lot more safely. Talk to Gilligan to see how much the three ladders he can provide cost. The first (very short ladder) makes the drop to the first ledge slightly less damaging and can mean the difference in surviving the fall or not (with the silvercat ring this becomes even safer). The second will take you to a platform just above the entrance to the grave of saints (small ledge with torches). The final (huge) ladder takes you to a locked door and slightly further you will find the lower section of the grave of saints area that leads to the gutter (you can read about that area at the end of the grave of saints section of this guide).
The body on the first beam contains a Radiant Life Gem. The boards below that provide a body containing a Pharro's Lockstone. The next corpse down holds Poison moss to pick up. For this guide however, we are heading for the entrance to the grave of saints (upper entrance) first. Use the second longest ladder and a pair of short drops to reach the entrance. Keep in mind, the narrow (one thickness) beams that cross the whole pit will break if you try to land on them. From the doorway with the torches, head inside to enter the grave of saints and find the first bonfire of the area. The guide is continued in the grave of saints section. For those that want to bypass the grave of saint's area, read the excerpt below from the end section of the grave of saints end area that can be accessed from the tunnel at the bottom of the pit.
After reaching the bottom of the pit and heading through the tunnel that leads to a wooden bridge over a large circular hole: At one end of the bridge is a crystal lizard that can be killed for smithing items if you are fast. You can jump across the gap in the bridge to reach a chest containing an Ash Knuckle Ring. When you are ready to move on, drop down as close as you can to the land area below (the water slows your movement and can easily lead to death). Six small mummies (the ones that trip over and explode) enter from the two tunnel entrances nearby when you drop down. Get to the land area as quickly as you can and start dodging. These mummies (unlike the ones we met earlier in the game, die when they explode so you won't have to actually kill them (useful to know for melee characters).
Once the swarm is no more, you can take the time to explore this lower area. Take the waterlogged tunnel first to find a skeleton at the end holding a Great Heal spell. Back to the other tunnel now. This leads to a one way drop (down a very short ladder) that has a large set of scaffolding below. There are two items to grab on your way down the structure. A Human Effigy (take the right ladder immediately after falling down the one way ladder and then another to reach it). The second item is a Radiant Life Gem that is on the main path down (keep an eye out and you should spot it). When you reach solid ground, look amongst the posts to find a chest containing a Token of Spite.
A nearby tunnel leads to the entrance of the Gutter and a pile of poison spitting statues. I will continue this area guide to the next bonfire as there is no way back on foot. Destroy the poison statues and drop down onto the wooden structure below the ledge the statues are on. Down the small slope you will see a large hole has been made in it. Drop down through the hole onto the visible wooden floor below. As you move around on the lower end of this new floor, part of it will fall away. You can use this new hole to drop down to the first bonfire of the area (you should be able to see it through the floor below you). Light the bonfire to get back to Majula or continue reading on in the Gutter section.