This is definitely an entity that has been described in the literature; it is often referred to as "bicycle neuropathy". In most cases it is fortunately self-limiting, and will lessen over time if the cause--compression of the pudendal nerve from the bicycle sitting position--is removed. I realize that may not be comforting for someone who loves to ride.

There are, unfortunately, some people in whom this can become chronic and intractable. Such people often have an anatomical variation in which the Alcock's canal through which the pudendal nerve passes on its way to the genitals is narrower than normal or is slightly tilted, making it much easier to impinge the nerve.

Take a look at www.pudendal.org and Hope for Patients with Pudendal Neuralgia and Pudendal Nerve Entrapment | Health Organization for Pudendal Education for more information.

Hope your condition continues to improve.