I would stick with the cops. Did you tell them that this guy broke into your truck and home, do they know the value of what was taken?

I would seriously go by the law. Sounds like you might have to push them to do their job, but you'd be better off.

Once upon a time, when showtimex wasn't such a nice guy and responsible, I'd have done some serious dirt on this guy, if I was 100% it was him.

ETA: You seem more upset over a stolen bike than the fact that some was IN YOUR HOUSE.

What he did, and your description of him, tells me he's not someone you want troubles over. You have a family. This guys knows where you live. Think about it.