| You say you recently lost 40lbs? Some of that pouch may be excess skin... In which case, I dunno what to do.
But, running will help to burn fat from your whole body. Even better would be heavy weight lifting (with low reps) on big muscles (i.e. thighs and glutes). You could also hit the upper back and chest (which will help tone your arms as well).
Try this:
Sunday = Rest
Monday = Jog (for 30+ minutes)
Tuesday = Chest and Back (heavy weight low reps)
Wednesday = Jog (for 30+ minutes)
Thursday = Legs (squats and calves)
Friday = Jog (for 30+ minutes)
Saturday = abs (1st-lower abs, 2nd-obliques, 3rd-upper abs)
That will tone you up and burn fat quickly!
Good luck and congratz on the recent weight loss,
Rip | 
