is this a bad chip?
 

I corectly installed a v5/6 modchip in a v5/6 ps2 and it powers up fine and ejects.. normally but when i try to hold and press eject the drive doesn't come out just flashes and makes a noise about 6 seconds later when the drive should be closing.. ever hear of this? i think it's a faulty chip.. I have already successfully installed another chip in another playstation same version so i know i did it right..

sounds like a faulty chip, I had the same problem.