I LOVE biofreeze. It's just cold. Not icy-hot. The menthol is a mild analgesic, but also the Ilex stuff in it is supposed to be a different kind of analgesic.

I think it'd be more effective on soft tissues than joints. It does wonders for my traps. I've put it on my ankle with sort of "meh" results. An ice pack for a joint is better. It should be just fine on your ITB--better than icing. Best to use after a massage (even self-massage) on muscles or ligaments and tendons.

By the way, don't apply it right after a shower. Hurts soooo bad. And wash your hands very well after applying.