Here's my purely subjective answer. It's based on the assumption that you tire more slowly on a bike and recover faster. Because you tire more slowly on a bike, each passing hour that you spend on the bike is probably worth less than the previous hour in terms of running equivalent.
Anyway, the first hour on a bike at an average of 250 watts is probably equivalent to running 45 minutes at 6:50 pace. And an hour of running at 6:50 pace is probably equivalent to 1 hr 20 mins on a bike at 250 watts. (At 250 watts on a flat course, you're going about 22 mph.)
I've done both of these things, and the efforts feel roughly equivalent to me in terms of aerobic output. But this is purely subjective, and the information is probably worth less than you paid for it.