There are many unaccounted for variables in your question. For instance, are you riding up steep hills and running on a flat surface. Do you have a cardio exercise bike up to the highest resistance vs a mild jog etc. But assuming flat surfaces for both and that you are just doing that activity on its own not using cardio equipment that manipulates the resistance, then jogging is definitely more of a workout given equal time. Whatever one thinks of Lance Armstrong, he said he can get a good running workout done in an hour and if he wanted to do equal with a bike it would take him 3 hours because you have to go so much further etc. All things being equal jogging is definitely going to do more when you only have a small limited amount of time. Now if you get on an exercise bike and turn the resistance very high then thats a different scenario