Thanks for the replies. To answer some of the questions, I was just riding along the left side of a one-way street; the school bus turned from a one-way avenue (Madison avenue) onto the street. The pedestrian's walk signal that I was looking at was probably on the left since I was on the left of the street. I get the consensus is that I should just be very careful regardless if the driver had fault, which I totally agree (I post about it here just to hear some discussion). I do need to change the habit of watching only the pedestrian's count-down signal without looking at the traffic light.
One question that comes to my mind: You talk about the pedestrian signal but there is no mention of the traffic light. If you are on a bicycle you are not a pedestrian and you should not proceed through the intersection until the traffic light turns green. As well even though you were on a one way street, the normal position for a bicycle is on the right hand side of the street, not the left.