I cleared the yellowing from my S-M-C Takumar 1.4/50mm recently with a energy saving
UV bulb in only 24hrs.
The trick was to dismantle the lens so that there was no glass (to block the uv-rays) between the yellowed element and the uv-bulb. The usual advice is to expose the rear of the lens to the sunlight but there is two elements blocking the rays in the rear before the yellowed piece of glass. Actually majority of the yellowing was cleared after 10hrs but I didn't have time to put the lens back together so I let it stay under the lamp.
Dismantling the lens is not that hard (there's instructions on the net) but you need a clean workspace, some tools, patience and it's good to make notes (and/or take pictures) to remind you how everything was. Usually there will be couple of small dust particles left inside the lens no matter how careful you are (I can live with that).
Here's a few pics (taken with a cellphone
):
#1 = Before (the rear part of the lens with only the yellow element and diaphragm)
#2 = After 24hrs (same part shot against my laptop screen)
#3 = Comparison shot of my yellowed Super-Tak 2/35mm against the laptop screen (the yellowing on the 50mm was worse)