Generally, the law about right turns on red lights goes something like this: you may make a right-hand turn on a red light when it is clear and reasonably safe to do so. I would think that a bicycle, which is treated as a vehicle with all rights and responsibilities as cars, would have to follow the same law.

Now, if there's a bike lane you are turning in to, and there are no cyclists or cars in the bike lane, I would think that's "clear and reasonably safe". If there is no bike lane, and you are dealing with a WOL, I think that legally you'd be not following the law if you right-turn while traffic is going past.

*shrug* Just my $.02, and remember IANAL.