I feel your pain. I have had a very minor inflamation of the bursitis due to distance running. It all came about back in December when I bumped my milage up too high and too fast, my body just wasn't ready for all that. Icing the hip has worked wonders along with popping a couple Aleve. I had to stay away from running for almost two weeks, but continued to cycle (no pain while on the bike). To prevent it from happening again I'm strictly follow the 10% rule when increasing my milage, and I hit the gym once a week to work on my core muscles, my glutes, and hamstrings. Working these muscles will help stabilize the hip while at the same time making me a stronger and better runner/cyclist.

Best of luck!