You or the creature you choose
That is what the spell says:
For the duration, you or a creature you choose can ride the steed.
But what do I do if I think the steed should be able to carry two people?
From a player's point of view
If you're a player, ask your DM.
You know your DM better than I do, but often players ask questions like these because they want to present the DM with solid evidence to rule in the direction the player wants. To me, the spell as written is very clear.
From the DM's point of view
If you're the DM, you have a choice. Do you stick with the spell exactly as written, or do you consider rulings over rules?
From Tasha's:
The rules of D&D cover many of the twists and turns that come up in play, but the possibilities are so vast that the rules can’t cover everything. When you encounter something that the rules don’t cover or if you’re unsure how to interpret a rule, the DM decides how to proceed, aiming for a course that brings the most enjoyment to your whole group.
When I look at spell issues like this, I frequently think of that quote. To me, the way the phantom steed is written covers the most simple use case, that of a single rider, either the caster or some other player character rider, which covers the vast majority of cases. In order to cover every edge case the spell would be a page long, at least. When it says "you or a creature", does that mean the two of you can take turns? Can the creature be a cat, an octopus, a wolf? Can the steed pull a cart? A rope? Will it come to me when I whistle? Will it go get help?
I think in this case there are two ways a reasonable DM might decide things, in service of "aiming for a course that brings the most enjoyment to your whole group":
- The steed can only carry one rider, the second finds the steed insubstantial
- The steed can carry riders the way a riding horse would
I don't see how the first ruling makes the game more fun, but if that's what the DM thinks, then that is their call.
To me, it's more fun to treat it as a riding horse, let the second passenger climb aboard, and move on.
Hypothetically, I'd also let the rider be the cat, octopus, or wolf, (although the steed would give the caster the horsey side-eye, and in the case of the wolf, also that thing horses do when they shift their hindquarters a few times, and some serious tail-lashing), except it raises the question of how the steed would know where to go, and that seems highly situation dependent. The steed might pull a cart, briefly, if it were really important, but probably not. Riding the steed, you could absolutely throw a rope to your friend in the well, and pull them out, but the steed isn't going to throw you the rope; it's a riding horse, not Silver or Trigger. Yes, it will come to you when you whistle. Actually, you don't even need to whistle, it's your illusion, but if you abuse that, it won't work anymore. No, it won't go get help . . . although hmmm that could be super-cool.
The point is, the DM is supposed to make these judgments, and that's just good horse sense.