Originally Posted by Carbonfiberboy

As others have pointed out, you can't stretch your IT bands. What feels like IT band problems are usually other knee problems which are causing swelling which then manifests as IT band or bursa issues. Rolling temporarily decreases the swelling. Stretching the muscles and ligaments surrounding the knee, especially the hams, works best for most folks. If nothing else it does no harm, though more than likely to fix a person right up in a week or so. All the stretches in the comments so far look good. There are many ways to do the same thing.

It's usually recommended to lower the saddle slightly for pain in the back of the knee.