In August I was 5'11" and 296. I am still 5'11" but 255 now. My goal is 5 lbs a month. The end goal is 185 lbs.
What works for me is the following: Weight X 10 = calories eaten per day. Reduce your fat intake and increase your protein intake. Portion control is as important as what foods you eat. Don't order supersize anything. Remove soda from your diet, get rid of Mickie D's fries, order the grilled chicken sandwich w/o mayo and not the double whopper. You don't have to cut all "bad food" out, but be very selective on the portion size and frequency you eat it.
I try to ride 45-60 minutes per day. Like everyone else, life can get in the way and somedays I miss doing this and that is why I try to do it everyday. Don't say you haven't got the time, make the time. If I have the time anyone does...my wife and I have 9 kids from 3 years to college age.
My goal is long term sustained weight loss. A crash diet will help you loose weight, but in the long term you are more likely to regain it. You have to change eating habits. After a few weeks of paying close attention to this it will become second nature (a good habit).
Good luck