Eric Hagan, from the Interactive Telecommunications Program at New York University, came up with the idea for the Cycle after wanting to create a larger scale kinetic sculpture. Check out a video demo below:

The project uses a PS3 Eye webcam to capture the footage, with the bike providing the kinetic energy to turn the wheel. The wheel itself is made using foam and model railroad trees and flock.

[Eric Hagan's blog, via Make]