I've struggled with ITBS off and on since I was in college. Using icing, stretching and foam rolling I can usually slowly recover. With my most recent bout of ITBS I started doing hip adduction and hip abduction exercises and it was taken care of in probably half the time.

Here is a good article on hip strength relating to ITBS:

http://runningtimes.com/Article.aspx...3528&PageNum=1