I recently tried the '86 Model M on the '06 9229 IntelliStation M Pro. Apparently those particular IBM computers don't like old Model Ms.
When you first boot the computer, total PS/2 functionality is lost (even the mouse port); so no keyboard will work in the BIOS, or windows when it gets there. When you reboot from windows, THEN the computer will enable PS/2 functionality. So strange...
Of course I'm not using my Model M on that computer. Not anymore anyways. Unless I propel it into sleep mode rather than a cold shutdown (I always shut down my computers, never leave them on 24/7).
Guess that's a sign IBM abandoned their Model Ms in 2006.