No there was no rider on it and it ran too fast to be followed long time without horse. When the horse ran next to me there was "steal horse" command when I looked at it but nothing happened when I tried it.
I think that the cow I saw may be from that quest you mentioned but if it's so I can't understand why it's wandering alone on the roads.
Even before accepting the quest and speaking with the farmer early in the game I saw no prized animal. After a while and still accepting the quest I found this weirdly marked cow wandering alone. I had run into the farmer and he mentioned a lost cow, then when I went to the marker there was a giant by the cow, they probably just spawn a giant companion with the cow once the quest is activated.
I was quite perplexed myself finding a painted cow at first, I recognized the painting from the giant camps and assumed some poor giant didn't have a mammoth and lost his cow lol
I will have to find more info on the ghost horse, never encountered just the horse before.
EDIT: From what ive been reading on forums, that is the headless horsemans horse. Eventually the horseman should catch up or even just appear on his horse. Next time just try to keep up with it. It's an easter egg thrown in by Bethesda.