The 'Clear Security Chip' option may not appear in BIOS.
Any ThinkPad Systems with a Security Chip running Microsoft Windows Vista, XP, 2000 or ME may be affected by this symptom.
The security chip must be enabled, and the system must be powered on from the 'Off' state for this option to be available in the BIOS.
From the Client Security Solution 8.2 Deployment Guide: To clear the chip in F1 BIOS, the system must be started from a cold boot. You will not be able to clear the chip if you attempt this process after a warm reboot."