The Convoy is better, the build quality is much higher, and because it's an "integrated" light (The LED module comes out on the 501b), the heatsinking is better which is important for long-duration use like on a bicycle.
This Convoy;
https://www.fasttech.com/products/1601/10002364/1195010
Should put out about 800 lumens of actual light, while the Ultrafire will do about 500.
This Convoy;
https://www.fasttech.com/products/1601/10002364/1826604
Will put out about 1000 lumens.
1000 Lumens is about equivalent to a 75 watt conventional bulb, which should do very nicely for cycling. You could also run it at medium brightness (40%, about 450 Lumens) for extended runtimes.
<edit> they all use Cree brand LEDs, but Cree don't
make torches, just the LED emitters themselves.
I saw that the Ultrafire comes with a battery and charger, but I cannot in good conscience say that the UltraFire batteries or chargers are acceptable. They use "recycled" cells that come straight out of old laptops or other devices, some of them don't even make 10% of their "labelled" capacity, and fires or other catastrophic failures are not uncommon.