First, you might try taking Glucosamine. I find it helps when I have knee difficulties.
Second, does the knee swell when you cycle? If so, you should probably have the fit of your bicycle checked.
As for icing the knee, the recommendation is about 10 minutes on, 10 minutes off. If you leave the ice on your knee any longer than that, you're risking freezing it which will just add to your problems.
As for using a cream, you could, and it may help, but not while you are icing the knee. I'm not sure why not, but the creams tend to say something about not using them while applying heat or cold.