There is quite a bit of ancient commentary on that passage.
The usual explanation is that all this happened in the middle of the night. In the confusion a young disciple got involved wearing only a toga or a bed sheet or something.
The mob grabbed hold of him, and rather than get himself jailed or executed, he abandoned the cloth they had grabbed hold of, so he could escape.
Somewhat embarrassing, but hardly homosexual activity. And probably better to run off naked than to get caught and executed.
Yes, but then you get this kind of interpretation as well:
http://www.curehomophobia.com/young-man.html
The only think I found interesting is the take that the man was a CERTAIN young man.