Gummed-up jaws need a good cleaning and lube job

Recently I bought a used drill press at an auction. Everything works great except the chuck—it’s stiff and difficult to turn without using the chuck key, especially when cold. This really makes it tough when switching from small bits to large ones because I have to crank the chuck key repeatedly to open and close the jaws. Any ideas how to free this up?

Submitted by WOODreader2