I bought “Mike and the Bike” for a young relative a couple years ago. I’m not sure if she liked it, but the book and CD have received decent reviews on Amazon. However, the foreward was written by Lance Armstrong (which is a problem now).
The CD is narrated by Phil Liggett while the songs are sung by a child. (I haven’t heard the CD.)
I think the book/CD is aimed at younger kids, in the 3-5 year range.
http://www.amazon.com/Mike-Bike-Michael-Ward/dp/159441498X
EDIT: I actually bought the sequel, “Mike and the Bike Meet Lucille the Wheel”. The Amazon listing may only be a small version of the book, and without the CD. If you purchase, be sure you are getting the large version with the CD. If not, try other websites, such as REI.