For several reasons, I am looking to change cassette from 12/25 to something along the lines of 11/32 or 12/32 (10 speed). Will I be able to run this on my current setup which is Shimano Ultegra 6700 rear derailleur (whichever one came stock on the 2010 Cervelo S2).
It depends upon which 6700 derailleur you have There is a “short” cage version and a “medium” cage version. You will have to take a close look at the one you have to determine it. Regardless of what Shimano docs say, the medium cage 6700 version will work just fine with 32 teeth (I’ve done it). The Short cage one will not.
You will also almost certainly need a longer chain.
For several reasons, I am looking to change cassette from 12/25 to something along the lines of 11/32 or 12/32 (10 speed). Will I be able to run this on my current setup which is Shimano Ultegra 6700 rear derailleur (whichever one came stock on the 2010 Cervelo S2).
I’ve done it with a short cage but you should go to a 6700GS
If you set your chain up with 1 link too many the chain will most likely sag while in the 11 tooth and the small chainring.
Since you should really never be in that gear it shouldn’t be a problem. If you do happen to go to that gear combo you will most likely be OK.
If you set your chain up so there is barely tension on the rear derailleur while in the 11 and small chainring you’ll probably be too short to use the big/big combo. Now you shouldn’t be in that combo either but if you accidentally go there you’ll probably rip the rear derailleur and/or hanger off and pull it into the spokes. That may even take out your rear wheel causing you to fall and hurt yourself.