I used to live in Mountain View, just south of Mountain Home on HY 5. There are some great mountain bike trails just north of Mountain View off of HY 5. Here's a link to some information:
http://www.ozarkgetaways.com/syllamo...ike_trail.html
There was a group in Mountain View who did road riding around there. Here's a link to some info on that ride:
http://www.arkansasbicycleclub.org/favorites/fav6.html
Another link to local info:
http://www.wrmccycling.com/