In positron or proton storage rings with many closely spaced bunches, an electron cloud can build up in the vacuum chamber due to photoemission or secondary emission. We discuss the possibility of a single-bunch two-stream instability driven by this electron cloud. Depending on the strength of the beam-electron interaction, the chromaticity and the synchrotron oscillation frequency, this instability either resembles a linac beam breakup or a head-tail instability. We present computer simulations of the instabilities, and compare the simulation results with analytical estimates.