Throw it in your messenger bag or pocket and go. The quote from the Surly website is as follows...

"It fits quite nicely inside recessed dropouts, including those found on our 1x1, Karate Monkey, and Steamroller frames"

They are not talking about storage, they are talking about how the tool fits on the bolt to remove the wheel. It fits well not only on track ends but also recessed dropouts.

I just got one of these and I love it. The people that complain about the bottle opener hurting their hand are not using the tool correctly...you just turn the tool over so as just to put pressure on the flat part...it works in either direction.