The Xbox Live Arcade version, which Twisted Pixel announced during Microsoft's E3 2012 press briefing, is still in development and will be released "on a future date not yet determined," the studio said in a press release. According to Twisted Pixel, the Xbox One version will take advantage of the new console's more powerful hardware — it will run at 60 frames per second in 1080p, and offer "countless other graphical improvements."
Twisted Pixel will have the Xbox One version of LocoCycle playable on the E3 2013 show floor. We got some hands-on time with the XBLA version at PAX East 2013; you can check out our write-up here, and see eight screenshots of the Xbox One version above.
Update: Twisted Pixel posted a trailer for the Xbox One version of LocoCycle along with the announcement of its existence today, although it appears the announcement was supposed to come on June 3. Check it out below.