I weigh 162.5, what's the best exercise?

i've been dieting for 2 weeks now, eating salads or stuff that is low in calories and i'm losing weight very slowly. when i started out, i weighed 168. i'm 5''10. i do 50 reps with 25 lbs on each arm at the same time, then i put 50lbs on my chest and do 30 situps. then i run on an exercise bike for 30 minutes. does anyone have any better tips on exercising to help me lose weight faster?

i've been doing the reps, situps, and the exercise bike everyday

That doesn't sound slow at all... 6 lbs in 2 weeks? You're doing fine and that's considered a healthy rate to lose weight at. Keep it up. :)
You could probably burn more calories on the bike by doing intervals... sitting on the seat and peddling for 5 mins and then standing and peddling for 5 mins, or riding slow for a few minutes, and then picking up the pace for a few minutes and slow back down again and so on.
A balance ball will make your sit ups more effective.
Good luck.

exercising restraint at the dinner table is one

it sounds like your doing well in the exerize department.but here is the key to dieting: don't over eat.you may be eating things that are low in calories,but if you eat more than a pourtion,or stuff yourself,your not going to be losing weight the same way a person who eats small pourtions loses weight.keep up the good work,and hope this helps!

the best way for you to lose weight is by doing sit ups, crunches. and some walking.