Really?!
This is amazing. I need to try this. Is this similar to that thread 'Shadowmere was just kidnapped by a butterfly' a while back?
A video of a bandit being lifted into a tree upon walking onto a blue butterfly (probably like a one in a million chance) is what made me try it. So yeah probably.
Couple of words of advice. Easiest bug to mount (for me) is the Torchbug. I find this easiest to do by looking straight down in first person whilst jumping toward it, then as soon as I land hitting a "sweet spot" around the centre of the bug. Not looking around seems, though I'm not sure, to increase your odds of staying on; Staying in first person definitely does. I fall off within a couple of feet almost every time I go into third person, though I've made it to the orphanage roof once in third person. Fun stuff.
Your race probably also affects it, though I'm not sure. I've mostly only done this with a Khajiit.
Spoiler Who needs dragon mounts when you can ride bugs?