It depends how long and how you are cycling.

Cycling at a decent pace (just under panting) is good "active recovery", flushing the muscles with blood and nutrients. This is a good thing. Whereas going balls to the wall to the point of bonking will hurt recovery...

Do make sure you are eating enough calories. Like CJC said, "you cant over-train, you can only under-eat".

-philip (weightlifting and cyclist)