Have you ever seen girls with a tiny waist and huge thighs? Or with normal thighs and larger calves? It's funny, but women tend to store more fat in their legs than men....and men tend to store more fat in their stomachs.
Personally, I have always had fairly muscular legs, though I never got into lifting. I'm just above 6' tall and got involved in sports back in high school that shaped my muscle and that's had some carryover to my 30s.
Last summer, I started running distance. What I found was that it helped build my calves and flatten my stomach more than anything. The one caveat is that I need to continue eating less AND running long distance to keep the fat off my stomach.
If you want to try dropping that weight, running is your best bet. Start by trying to run as far as you can without stopping...then try to run a little further a few days later. Try doing Tues/Thurs 30 minute runs as far as you can go and then do a longer run of 3-5 miles on weekends. It doesn't matter how fast you go...just increase your mileage on your long runs 1 mile per week and be strict with it. It takes time, but that's how you do it. Just make sure you are continuing to watch what you eat and eat enough on the days you run longer distances.
I ran 15 miles last Tuesday morning, 8 on Thursday, 3 on Saturday (after eating 2 slices of pizza and a beer)... Just have fun with it and make it part of your routine. You'll keep building leg and core muscles...your arms will lean out too. Cycling is really great exercise, but it doesn't burn calories as fast as running does and your body doesn't have the same impact. That impact is what works on the fat cells and helps you shed them....everything jiggles until it tightens up or falls off.