Ice has been proscribed for a number of years and is very effective for soft tissue injuries. Recent research is now showing that while ice is good for muscle injuries, it either doesn't help much or actually increases damage to ligaments and tendons. Theory is that since ligaments and tendons don't have rich blood supplies like muscle, blood pooling isn't the issue, its only the actual tissue tear. Cryotheraphy (ice) just increase stiffness and the resulting damage in connective tissue.
One poplar treatment that I have had success with is to ice it for 10 minutes, then heat it for 20 minutes, then repeat the cycle. For real fun, use a bucket of ice water to chill it.
The theory is this will speed the flushing of irritants and dead blood and force fresh blood into the area. In the end though, the best therapy is to rest connective tissue, then once healthy, stretch it AFTER exercise to help it remain elastic.