The discussion on beating on stuck morse tapers prompts me to show my solution on a Clausing 8520 mill. This machine uses #2 morse taper collets. I don't know if it is standard but the upper end of the spindle of my mill is threaded 3/4 inch 16 tpi.

The drawbar nut was somewhat larger than this so I made an adapter nut give me a larger threaded end on the spindle which can remain in place:

It is threaded 1 inch 14 tpi to match a standard size:
In place:

The ejector tool was threaded to fit the above part on one end and bored to clear the drawbar parts stopping about 1/2 inch short of the other end. This end was drilled and tapped for a 3/8" cap screw. A handle was made and installed in the screw:

To use it the drawbar is loosened and the tool is screwed onto the top of the spindle:

A piece of wood is placed under the lower end to catch the cutter if I am prematurely successful!
If the drawbar is not too tight turning the capscrew while holding the spindle in place by the drive belts suffices to release the tool. If badly stuck a special wrench can be used:

It fits over the head of the screw on top and engages the cross handle. I find that if stuck hard leaving pressure on the ejector tool for a few minutes it will loosen on its own! I have found it seems to get stuck hard if I leave a tool in the collet for several days.
Before making this tool I had to resort to heavy hammers and stern words to get the tool unstuck. It seemed like cruel treatment for such a cute mill:

Dave