It sounds to me like the cyclists has two options: Be in the front of the line or be in the back of the line, miss the light and end up in the front of the line at the next light.

Rarely do I make a two point turn where I end up on a busy fast road but when I do I do usually claim the right most through lane (to avoid right hooks) but once across the intersection I'll pull to the curb to let the faster traffic by.