I'm with Geof..but before you go tearing it to it..
Try spraying a ton of WD40 into the two air lines that go to the head stock..and then cycling the tool release a bunch of times..to work the WD40 up there..it will sometimes un stick the piston and solenoid.
The two air lines, (one small and one bigger) are located next to the coolant hose from the pump to the head..and they just unplug from the regulators with a push pull connector..
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)