ITB is your best bet on the problem from everything you described.
Make sure you are paying attention to the kinds of surfaces you are running on. Crowned roads, sidewalks, etc can further aggravate the issue. Head out to a field or grass park and do your running there for the next little bit and that will help considerably. Only run on sidewalks, bad roads if it is absolutely necessary for you to do so.
Also, regarding treatments, make sure you take the time to stretch your IT band. Good stretching and icing are all part of the game to keep you healthy.
Josse (on the blog at
http://josse.fastrunningblog.com/) can help you look at other treatment tools which are very effective and useful.