Try and get a hold of athletics weeky from either last week or the week before ( sorry I can't remember which one) I think it nails this injury like nothing else I have seen. I have had this problem for 3 years before I started working on strengthening by glutes which were the cause of my problem. It is suprising how out of balance your legs can get so have a good look at the single leg exercises which isolate your weak muscles. In the end I got a wobble cushion and do 3 key , single leg , exercises on it to strenghten your glutes and the muscle on the inside of your knee ( Vastus medialis ?) Also, lying on your side doing leg lifts (progressing to using ankle weights ) and the clam exersise using a resistance band. Try standing on one leg on a little trampette while someon throws a foam football ( toys r us !) for you to catch or bounce it off the wall.
I am not too sure what contribution cycling makes to making it worse. I have done a lot of cycling and in my opinion I think it builds up the quads on the oustide but not the VM on the inner. I also think it can make your glutes tight and reduce the work the other stabilisng muscles have to do so making them weaker and causing the ITB to become tense. Google cyclists butt for some comments on that !
Good luck. Since I have got mine under control I am able to run a lot better