I'm finally picking up my beautiful 86 Savage today!  Everything seems to be in great shape and working fine except I can't seem to get the fork lock to work.  The key slides in but the cylinder turns only about 1/8th of a turn.  The cylinder will push in at that point but not turn any further and the forks don't lock.  

Is there any trick to getting the fork lock to work?  Does it sound like the lock is even working?

Turn forks hard to the left
Push in the key
Pull the right handgrip slightly back towards you
The key should pop in. It will not go in fully to the left.

Like Verslagen says...it's useless. Someone first day out of "BikeStealers School" can defeat it. Fortunately, our bike is among the least stolen bikes out there.  Thieves want Hayabusas, Gold Wings, Harleys and  Beemers.

Invest in a sturdy, thick cable and good keyed lock. Put it through the frame. Attach the cable to something permantly attached to the ground. Don't leave the lock on the ground, or against anything solid (it can be compromised with a sledge hammer or, with the leverage, a crowbar). Disk locks work only if the thieves leave the front wheel on the bike. It also doesn't stop two or three from picking the whole thing up and tossing it in the back of a pickup.
While the Savage is amoung the least stolen bikes, with gas prices going up, and the economy going in the toilet, ameteur thieves may want to take a shot at a bike that gets good gas mileage for their own personal use. If a professional should want your bike, it's already gone. Fortunately there is no profit in Savage parts; so it's unlikely a pro would bother.

There's just something about our bikes that doesn't appeal to thieves.  So for us, "Ride it like you stole it!" is just an expression.