In reading this question I realized that the shape taken by a rubber band wrapped around two cylinders with perpendicular axes and different radii is not so obvious. I assume the rubber band will take the shape for which its length is minimum.
My first guess would be something like diagram below (please ignore the inner parts of the ellipses): two ellipse arcs joined by two segments, all lying in a plane tilted at 45° with respect to cylinder axes. But of course I may well be wrong: before embarking in a lengthy calculation I'd like to know if this question has already been answered before.
EDIT.
I got convinced that my "guess" is wrong for sure, because as the radius of the smaller (horizontal) cylinder approaches zero I expect the rubber band to wrap around the vertical cylinder in a nearly horizontal curve. Might work only if the cylinders have the same radius.




As explained by Christian Blatter and Narasimham, the rubber band will wrap around the cylinders along a curve formed by two helices, joined by two tangent segments.
Let $PABQ$ be half this curve, with the other half being its reflection about line $PQ$, perpendicular to both axes (see diagram below), and with $A$, $B$ tangency points. Let then $\alpha$ be the central angle from $P$ to generatrix $AA'$ and $\beta$ be the central angle from $Q$ to generatrix $BB'$.
On the planes tangent to the cylinders at $A$ and $B$ we can then construct points $P'$ and $Q'$ such that $A'P'$ and $B'Q'$ are perpendicular to the tangency generatrices and have the same length as arcs $PA'$ and $QB'$. The curve is of minimum length if $\alpha$ and $\beta$ are such that points $P'ABQ'$ lie on a straight line.
To find $\alpha$ and $\beta$ we can consider the lateral view shown below, that is the projection of path $P'B$ on plane $PQB'$. We have: $$ \tag{1} -\cos\beta={r_B\over d+(\alpha\sin\alpha+\cos\alpha)r_A}, $$ where $r_A$, $r_B$ are the radii of the cylinders and $d$ is the distance between their axes. In the same way we can find the symmetric relation $$ \tag{2} -\cos\alpha={r_A\over d+(\beta\sin\beta+\cos\beta)r_B}. $$
These two equations can be solved for $\alpha$ and $\beta$, but we cannot express the solutions as simple expressions. Fortunately, the solutions can be obtained numerically with a simple iterative approach, starting with $\alpha=\beta=\pi/2$. Once $\alpha$ and $\beta$ are known, we can also compute $$ AA'=-\alpha \sin\alpha \cot\beta\, r_A, \quad BB'=-\beta \sin\beta \cot\alpha\, r_B. $$
EDIT.
An example. For $r_A=0.6$, $r_B=0.3$, $d=1$ (the same values chosen in Christian Blatter's answer) an iterative computation of $\alpha$ and $\beta$, using equations $(1)$, $(2)$ and starting with $\alpha=\beta=\pi/2$ quickly converges to the values shown below:
These results for $\alpha$ and $\beta$ seem to agree with the values found by Christian Blatter above (where they are named $s$ and $t$). In degrees, they amount to $\alpha=114.185°$ and $\beta=99.358°$. We then also get: $AA'=0.17976$ and $BB'=0.23053$.
EDIT 2.
I created a GeoGebra worksheet where the geometric parameters can be changed and the shape of the rubber band computed according to the construction explained above: https://www.geogebra.org/m/gngk7qzA