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BitLocker is the best if your system has TPM support or TrueCrypt is the best alternative.
I'd strongly suggest you check out TrueCrypt. For security of external (and internal, for that matter) storage devices, you really cannot beat it.
http://www.truecrypt.org/
You can have a look at some of the suggestions mentioned in below link -
Can I set a password for my external hard drive and backups?
You can use Truecrypt to protect your data.Makeuseof also has a guide for it -
TrueCrypt User’s Guide : Secure Your Private Files
How To Password Protect Your USB Stick: 3 Easy Ways
//www.makeuseof.com/tag/how-to-password-protect-your-usb-stick-3-easy-ways/
USB Secure
http://www.newsoftwares.net/usb-secure/
What is the BitLocker To Go Reader?
http://windows.microsoft.com/en-US/Windows7/what-is-the-bitlocker-to-go-reader
mitracker file secure
http://www.mitracker.com/file-secure-free.html
http://www.mitracker.com/file-secure-free-guide.html