Our childhood was more fun, wasn't it?
I was five years old when this ad ran. I'm not sure I even had a bike yet. I did learn to ride a two-wheeler ca. 1966. This ad contains several signifiers of my youth. The bubo encrusted Ed Roth character, The Little Red Wagon wheelstander (which I saw once at Lions Dragstrip and later constructed in plastic model form) and the Sting-Ray style bicycle. As amazing as the ad is, the TV commercial will transport you back to the kinder gentler days of the Vietnam War and the Kent State shootings. Advertisers back then could promote their products using gangs of kids performing outlandish stunts on their bicycles which today would give whole corporate liability departments the vapors.
I found this at Skate and Annoy who got it from the archives of Scott Starr.