ice 15 minutes at a time(no more than once every hour and a half or two hours), as much as you can for the first 48 hours after injury...
(do not place ice directly on your skin...put a cloth between to let your body adjust)

after that...stop icing...and slowly ease into stretching a few times a day, and you're gonna need to figure out what light (VERY light at first) exercises you can do to strengthen the ligament

I'd refrain from from riding your bike until it feels better


oh...what are cartilidge tricks?
and did both of these injuries happen riding fixed?