IT band?
I had the same problem and the only answer is to liberate the tension in the area with massages and streching. Maybe your knee is bending too much on the inside when you pedal and it causes extra stress on your IT band too. Talk to your physiotherapist about this, I'm sure he will be able to show you good exercices to help you.
Also get a roller
http://www.kaboodle.com/reviews/high...ty-foam-roller