To stay or leave

I know what I need to do in this situation but I was some opinions from people who are not my friends (sometimes I am unclear of their motives, maybe if they are jealous or not so I want an outside perspective). I met this guy in March 2011, we quickly clicked and began hanging out and talking everyday. We would go out together with our mutual friends. About two months after this, he started sleeping over. A month after that began (total of 3 months since we’ve started “talking”) I asked him about our relationship going to the next level, calling me his girlfriend and etc. He said he was not ready for a relationship and he ended up telling me he was “in love” with me. At this point, I was ready to put a label on our relationship but he was not. His reasoning was he had a bad breakup and did not want to ever lose me and that putting a title on it would mean if anything bad ever happened that he would lose me for good (This is what he said). I said ok and our relationship continued with any labels or true commitment. About 2-3 months passed, going out to dinner, sleeping over, having sex. We started going out together less and less and he was not inviting me out. He would only call me at 2:00am to come sleep over. I then found out he was “talking” to another girl and she showed me messages of him saying I really like you, I miss you, wish you were still here to this other girl. He told me he didn’t love her like he loved me. After this girl, I found out he was contacting his ex girlfriend (was with her for 4 years) telling her that he wanted a future with her and wanted to work things out and agreed to go to therapy with her to work on their relationship. He was telling me the same things at the same time. His excuse was, “I’ll always love that girl(his ex) she was my best friend for 4 years she knows everything about me”. He then went on to say, i love her, but I am “in love” with you. He tells me he is ready to open and start a new chapter of his life with me and wants to see what the future holds. Mind you, its been about 7 months of sleepovers,sex, and etc and he still won’t “date” me. I feel almost stupid typing this because everything says LEAVE and people are probably wondering what the hell I am doing still seeing this guy but its so hard to walk away because every time I try, I wonder, what if he really does love me, what if I’m throwing away this because I am selfish and want a label. He always says, if you truly love someone then a label should not matter. I just do not want to wonder “what if” later down the road if I potentially walked away from something that could of been great. What do you guys think?