I get something similar to ITB pain from the muscles slightly lower down on that side of the knee. After seeing the local friendly sports physio about it, we concluded that while the ITB was somewhat tense, the pain was actually down to me using the wrong muscles to stabilise the foot - resulting from a combination of strange walking technique and unequal leg length (I always stand with my weight on the other leg). I've so far managed to mitigate this by working on pedalling technique, concentrating on spinning in circles in a low gear, keeping sustained downward force to a minimum. I've been given exercises in an attempt to improve my foot-stabilising muscles, but I've been bad and not doing them.