How should I turn an old children's bike into an art project?

For one of my summer art assignments, I am to create a project based on a bike. Other than that, it’s entirely up to me (and now, you). I saw an ad on Craigslist for a free, used children’s bike, so I picked it up. My question to you all…now what?

This one will probably not be an incredibly serious art project…more like something to have fun with. Though I would like to incorporate the idea of transitioning into adulthood.