Well I started running for about an hour a day non stop. But the weather wont let me run anymore. So I had an old Workout Bike so i started doing that for an hour a day non stop indoors. My question is. Is it still as effective as running?

are you doing strength training?
what is your current diet?
Are those your current stats listed in your signature?

I just edited my stats, I'm currently weighing 171. Diet: I eat breakfast: yogurt and A shake with, slim fast chocolate powder, fat free milk, Ice, and half a banana blended together. Lunch usually a small salad with a piece of chicken or six inch chicken sub. Dinner I usually eat something small since I eat oranges through out the day, I dont have much appetite by then, so I eat chicken, or steak, fish, tuna.

does anyone have some info on this???

truthfully probably not. When running you have to support your full body weight in the movement making it harder (note your heart rate after your next session), where as with cycling as you are generally sitting down so you aren't supporting your body weight making it easier (again check your heart rate after this and compare to running heart rate).
That all said truthfully it fully depends on what your goals are

well my goal is to get to 145 I am 171 at the moment coming from 191. I have been eating right, Kinda feal bad for eating a omlete and half a stack of pankakes from ihop for lunch yesterday though. And bikeing has been working for me. I keep loosing 2 pounds a week or atleast one pound a week.

If there are any spin classes around your area that are pay as you go, go to few and get ideas of how you can inject some changes into a standard stationary cycle workout that may help you get the results you want

It also depends largely on the bike itself. The better ones tend to be the more modern ones with magnetic resistance. Depending on the time of day you excercise, it may be worth trying HIIT on your bike. (try a search, there are loads of threads on the subject)

Is there a gym near you? Gyms will have a variety of cardio machines and mixing up your cardio will prevent your body getting used to a certain excercise (and therefore more efficient at it thus burning fewer calories).

don't forget to warm up and cool down.