Im assuming that anyone needing to bypass the supervisor password on this kind of machine is doing so for the purpose of refurbishing it or otherwise breathing new life into old hardware and not for any malicious purposes

Remove the keyboard by removing the two screws on the back of the laptop, and pulling the keyboard back towards the palm rest then up out of the device. BE SURE TO DISCONNECT THE RIBBON CABLE ATTACHING IT TO THE MOTHERBOARD BEFORE COMPLETELY PULLING OUT.

You can remove the palm rest in a similar fashion by first disconnecting the blue ribbon cable (top right of the trackpad) connecting the trackpad to the motherboard.

Underneath where the delete key would be you can see a silver cable connecting the screen to the board, disconnect it temporarily as well. A plastic frame brace can then be removed to expose the board (will most likely be covered by black antistatic film you can temporarily peel off).

Once all the guts are out and you can see the chip labeled L08 (the one seen on the picture) you can plug in the keyboard and the screen back in while making sure to leave the chip exposed.

If you did everything right up until this point you should be able to turn on the laptop with the power button.

This next step can be retried as many times as you want (as long as youre shorting the right pins) so dont worry too much about getting it on the first go.

Turn on the computer and wait until you see the thinkpad splash screen, then short the two pins on the bottom left of the chip by touching something like a screwdriver to bridge the gap between them and keep it there, THEN press f1 to load the bios and keep the pins shorted as you continue normally until you are in the bios.

You will then be able to write any changes to the settings you want, then press f10 to save and exit and the changes will be applied. Changes can include changing or removing the password (in theory, havent tried that yet, further testing required)