Sorry to hear that. Have you been taking a lot of time off lately? Maybe you should try a few shorter runs or stop to stretch the ITB in the middle of your runs. Seems like for me whenever I take anything past 3-4 days off, I put myself at risk at ITBS, and so I need to get back at it with a shorter run or two, before returning to my previous mileage.
On my run yesterday, my second run after a week or 10 days off due to illness, I aggressively stretched out my band by doing that
cross-legged, bend sideways ITB stretch (pictured here:
http://injuryfix.com/archives/knee-pain.php), as well as the
put your leg up on something high hammie stretch, at the first/slightest hint of strain or fatigue, long before the onset of any pain. That seemed to help quite a bit. I think I stopped three times over the course of my short three-mile run, mostly during the first half I think. I also did a bunch of mobility exercises/"dynamic stretching" (I think hip abductor/adductor stuff is especially important) and rolled the legs good before heading out. Result: none of the ITBS soreness I experienced on my two-miler on Sunday.
Next run I'll shoot for 4 or 5 miles using the same stop-n-stretch protocol, and vigorous pre-run warm-up/stretching routine. With my MCL-sprain completely gone now, I'm highly focused on keeping the ITBS at bay as I try to build up my mileage again.
Have you been taking your own advice by running faster and doing squats? I'm convinced us guys with heavier builds need to do lower-body ST work to help our knees support our body weight while running. I'll be hitting the deadlifts and squats myself at the end of this afternoon.