http://www.museumofhoaxes.com/hoax/weblog/comments/bicycle_eating_tree/
Trees don't pull things up. If they did, a lot of fences would be way up in the air.
As you can see from other pics already here, indeed trees will 'pull things up' - if things are placed over a branch, particularly when the tree is young.
Here's a link to a picture of the same bike taken several years earlier.