Kalezo has released London Bikes over at the Windows Phone Marketplace that helps you find the nearest bike station in the London area. For those not familiar with bike stations, in the broadest sense, a bike station is similar to an Interstate Rest Area. The stations offer bathrooms, shelter, food/beverages, air pumps and other amenities to help those who bicycle about London.
London Bikes utilizes your Windows Phone locations services and Bing Maps to where the available stations are located, mark stations as your favourite, as well as turn by turn directions to your station of choice.
London Bikes is a free application and you can find it here (opens Zune) at the Marketplace.
Update: Just got word from the developer that confirms the comments that London Bikes does deal with the public bike rental scheme (Barclays Hire Cycle).