I have a recalcitrant case of IT Band Syndrome. It hurts me when I hike or run though, bicycling doesn't cause pain but I think can aggravate it for later. I tried physical therapy and it didn't work. You have to pay for it but a great resource I've found is this article here. It turns out there is a LOT of misinformation on this problem. Most of the suggestions haven't been proven in studies. The main gist of the article is this:

Conservative treatments that likely have some probability of working:
1. Rest
2. Ice
3. Ibuprofen

Invasive treatments that can work:
1. Cortisone shots
2. Surgery

You'll see a lot of other suggestions (foam roller, stretching, pat-strap, abductor strengthening, etc.) but the article does a good job of showing that there really isn't an empirical scientific basis for most of these. Who knows, maybe they do help, but there is surprisingly little research on the topic. Also note that because you tried something and it "worked" didn't really mean it worked. It may have been that time would have healed it anyway and what you tried was coincidental. That's why we really need more studies on the topic.