I also vote for removing the bar and letting the piercing heal with separate pieces of jewelry.
Like Alexandra said, lavender is a miracle oil. (I use it on everything from zits, to piercings, to bug bites�if you apply it within a few minutes after the bite the itch goes away!). However, if you have very sensitive skin the lavender might irritate you as it is a very powerful substance. I would suggest doing a small spot check before using it on your piercing. If you do invest in some make sure it's 100% pure essential oil and not just a scented oil. To apply it I usually dab it on with a q-tip to prevent using too much (remember: strong stuff).
Another thing you could try doing is a sea salt soak. I've had to do it for my ears before. It's a little awkward, but it helps a lot. Try doing two soaks a day using 8ozs warm water and between 1/8 to 1/4 teaspoon (more is not better) sea salt (not iodized). If you can only manage one a day I would suggest that it be at night to clean off any grime from the day (unless you're a night-shower person in which case morning soaks would be better). When my piercings get very angry I like to add a drop of tea tree essential oil to my sea salt soaks. Unlike lavender, tea tree cannot be applied directly to the skin. If you choose to use it only put a maximum of one soak a day. Every other day, or every few days would still be beneficial.
One more thing you could do (In conjunction with the above suggestions, it's not enough on its own) is to get some saline solution and clean your piercing off with that. After I shower/do my hair I swipe my ear cartilage piercings off with the saline to get rid off some of the hair product residue that can irritate it.