I've had IT band surgery. I'm a sophomore in college and I just got the surgery done this past July. I had problems with it my senior year of high school but ran through it. The problems continued on and off throughout my freshman year of college. It hindered my training completely and I had to redshirt the whole year. Therapy would help it but never heal it. It was just a chronic problem. I had a cortisone shot, but like most cortisones, it only helped for a few days. Trust me, surgery was the very last resort. It wasn't something I wanted to do. But it was necessary in my opinion. Taking time off just would not help.
I would definitely seek other options before you considered surgery, but if you're in my boat, it's matter of never running again. I'm really happy that I did it. Just last week, 4 months from my surgery date, I PR'd in the 5k. I didn't have the surgery because I wanted to run competitively forever. I did it because it would have affected my long term ability to stay active. It hurt to bike, walk down stairs, and just sitting for an extended period of time. So before you decide to go under the knife you should consider if it will affect you in the future or if it will go away with some time off and a foam roller.
Keep in mind that it is a very rare surgery. But oddly enough there are 2 other girls on my team who have had it... strange. All 3 of us are so happy with the results and we all came back running strong. But you need to find the right doctor. I went to an a****** surgeon who refused to do it and told me to lie down so he could give me another cortisone shot. Needless to say I didn't let him and got the hell out of there. So FIND THE RIGHT DOCTOR!
Hope this helped, good luck!