Originally Posted by 3alarmer

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...the lock ring is left hand threaded, but don't take it apart. There are a ton of tiny bearings in there, and some pawls and springs that have a tendency to fall out.
I think what you have going on is some old, stiff lubricant (probably grease) in there. The oil softens it up so the pawls free up a little, then when you let it sit for a while, it stiffens up again.

Before I took it apart, I would try soaking the whole thing in mineral spirits or acetone for a couple of days. Or flushing it with brake cleaner or another solvent in spray form. Then re-lubricate with oil at the seams where the part of the body that holds the cogs meets the stationary part, front and back. This has always worked well for me. You don't really need new grease in there, because there's no load on the bearings when it spins.

Many freewheels that get taken apart never make it back together.