I suffer from this in both knees because I run mountain marathons and I really abuse the legs on the descents. I now I know how you can treat it and how you can prevent it.
To treat you need REST as mentioned before. Bicycle is bad for the IT band syndrome . Not so bad as running, but still it will keep it from healing. So, for a month unfortunately you shouldn't do any kind of leg excercises (walking is ok). Maybe a little bit of cycling.
Know, most of physiotherapists suggest stretching, but there is a school that says stretching wont help you a bit as IT band is a tendon.
I've discovered that stretching actually helps a lot! So if you want to get rid of it do these:
1) Ice it
2) Rest it
3)Stretch it
4) Strengthen it
The best stretching excersice I've practiced is this:
http://www.youtube.com/watch?v=mlYM3KWwrGY
You can also do this, it's a variation:
http://www.youtube.com/watch?v=mlYM3KWwrGY
For strength do slow leg elevation (straight leg) while you're laying on your side. Do 3 sets of 10, 2 times a day. A week later do 20.