In reply to lee birtwistle:
From the Red Funnel website:
Bicycles are carried free of charge on Red Funnel's vehicle ferry service between Southampton and East Cowes.
A word or caution though, when returning to your bike after the crossing you need to be careful. When crossing to cycle around the island I returned to my bike with my cleated shoes on and went A over T on the very slippery deck. Much to the amusement of the disembarking car drivers.