He says he's not ready for a relationship...what should I do at this point?

We've been talking for about 3 months now very strong!! We hang out. We text and talk every day and night until 3 and 4 am...saying sweet nothings lol. I can actually count on both hands how many nights we've missed not talking to each other for 3 months. He is very romantic towards me and likewise. The chemistry is there...everything is there. So I thought :(. Well last night we decided to tell each other how we felt about one another. I told him that I really wanted to see where things could go between us and he felt and told me he same. But he also said that right now he's not ready for a relationship, but that could change in the near future. He says he doesn't want to rush and wants to take things slow. He also told me that he won't be seeing other woman, but understands that he can't tell me to not see other men because we have no committment. My question is... at this point, what do I do? I don't want to keep talking to him and develop more feelings for him and then later he tells me he still doesn't want a relationship. I kind of feel like I need to guard my heart and step back a little. As hard as it is, but I wanna make sure that I'm doing the right thing before I take any action. Should I just let him pursue me now? Thanks for your answers in advance.