Dude, ride it. I say this as a woman. I would think a guy on that bike was hot, because he's man enough to not care what others think. My six year-old son LOVES pink. It's his favorite color in the world, and has been since before he could talk (he was already selecting pink things by pointing and screaming

). He's just starting to get teased about it. Last week, we had a long heart-to-heart about how stupid and homophobic (no, I didn't use that word with a six year-old) our culture is, and how the only way to change the culture is to act differently yourself. He totally got it.
When he was a baby, and men would say to me: "Doesn't it bother you that he likes pink?" I would reply: "Other people's homophobia is not my problem."
For him: in the lunchroom where he likes to bring his pink fork and spoon, the others tease him and say: "You like pi-ink, you like piii-ink <insert sing-song obnoxious rude child voice here>. I taught him this response: "I'd rather like pink, than be a bully like you."
Screw The Man. Ride the pink bike and thumb your nose at our stupid, homophobic culture. And for what it's worth, there are many cultures in the world where boys wear pink, and girls wear blue, including Spain. It won't make you gay to ride a pink bike, and if you were gay, you wouldn't necessarily want a pink bike because being gay does not involve some genetic color preference. So just ride the thing. It's a beautiful bike.
Though I wouldn't want it, because I'm not super into pink. No really.