^Yep.
You can get the Teide bus from Peurto at 8.30 every day(bikes go underneath)Get off a few stops before the top at el portillo and bike back down for what seems like forever.The routes back are mind blowing.Loads of local lads do it every day so be early at the main bus stop in town.
Mainly down hill stuff and the locals are great.Tag along with them and prepare to enjoy some of the best trails you will ever ride..