Well I just got back from my doctor's appointment to recheck my knee and I told him that I am better but not as better as I had hoped to be at this point.
He felt around and told me I have three options: 1) get a steroid shot in my knee 2) go back to therapy and have them apply a steroid cream to my knee 3) continue with my stretches and exercises. I told him that I really don't think it is serious enough pain to require steroids, so I told him I'd go easy on my mileage and continue with option number three. He thinks that's a good idea and he's sorry I'm not at 100%. So am I. But hey, it could be worse, he didn't tell me I had to stop running. :)
Basically what I have going are the classic symptoms of runner's knee. My tendon is snapping over the bone from overuse, and thus the repetitive motions of biking and running cause it to flair up. Continuing to strengthen the surrounding muscles (hamstrings, quads, glutes) will help with this. I have a good number of exercises up my sleeve from physical therapy, my Runner's World magazines and their website full of wonderful injury prevention solutions.
So you'll find me stretching out my ITB four times a day and exercising twice per day those surrounding muscle groups. I'll also be out hitting the trail or road, enjoying the miles that I'm allowed to run per week, soaking up every ounce of enjoyment from them!