Tim,
I'm a Type 2 as well, and I find that cycling helps keep my glucose levels at a safe level. When I find that my levels start to get high I jump on the bike and burn up some carbs, as far as the levels getting to low, that is a lot easier to deal with. I always can tell when my glucose starts to drop. I start to feel a little light headed and know that it is time to take in some carbs. I don't always take my monitor on rides, only on the long ones (greater then 50 miles), but I do take something to eat just in case. I haven't taken gels but I can see how it could jump start your glucose levels quickly if it drops too low. I keep one water bottle with a sport drink and one with just water. I like to drink about half the sport drink for every bottle of water and keep some powdered drink mix in one of my pockets. If it weren't for cycling I would hate to think what my diabetes would be like... a mess I bet.
Sammy