I hate to say this, but you may be in for a MUCH longer recovery than you think. I've been through the ITBS saga, and I can again ride centuries, but I consider the problem managed, not cured.

I've do foam rolling, yoga, stretching, I've had cortisone shots twice, and I wear ITBS compression straps when I ride. I got ITBS at mile 80 in a tough century ride (Mountains of Misery) and I had a good time to that point, so I pushed through it. Big mistake. So the first rule is, if you get IT pain STOP RIDING. Let me say that again, STOP RIDING.

After the MoM disaster, I rested totally off the bike for what I thought was a long time....2 weeks. But, the first hard ride it came back at mile 60. Later, mile 40. Then 20 miles was the limit. The real recovery period is measured in months, not weeks.

It has taken over 2 years of gradual improvement to get back to 100 miles if I'm riding hard. I'm 57, so YMMV.

REST, lots of REST is the key thing. BTW, no matter what anyone says you cannot stretch your IT band. You can stretch the muscles attached to it, but not the band itself. Go read this:

http://saveyourself.ca/tutorials/ili...d-syndrome.php

I highly recommend it.

So, what finally got me back onto the road to recovery? Foam rolling, as people have said. A full bike fit, including pedal extenders. Lots of stretching and yoga on a regular bias, tight hips and hamstrings being the big issues to address. I still wear these compression straps (which my wife refers to as "garters", but hey it lets me ride...)

http://www.amazon.com/Pro-Tec-Athlet...8041867&sr=8-1

Good luck with it. I've just taken the pedal extenders off to see how it goes, but still using the compression straps.