I have similar issues with my ITB, am slightly bow legged, am 31, and used to get pretty good pain after any longer ride. What is really strange is it cleared up on its own. I never have any problems now. I stretch before and after my rides, warm up slowly when at the begging of the riding season,... now that we are into the season, I just ride my normal pace as soon as I start.

I would say lower your saddle a little. For some reason that may have been part of the solution. I also think saddle time helps too as I occasionally am in a hurry and don't stretch and don't get pain anymore then either.

I find heat to work better than ice once it starts to hurt. I have a bunch of those chemical heat pads that I used to ace-bandage onto my upper knee and then go to sleep. By morning, the pain was nearly all gone.

HTH, sorry I cannot be more specific in what fixed it.