We had this on a recursive query that was dumping tons of data to the output - have you double checked everything does exit and no infinite loops exist?
Might try to narrow it down with a single page - we found ANTS to not be much help in that same case either - what we ended up doing was running the site hit a page watch the CPU - hit the next page watch CPU - very methodical and time consuming but if you cant find it with some code tracing you might be out of luck -
We were able to use IIS log files to track it to a set of pages that were suspect -
Hope that helps !