Normally, yes, you just remove the jumper, wait a few seconds for the motherboard to totally disengage power, then put it back in. The BIOS would be reset at this point, which deletes the password from the memory.
The other way that works is to physically remove the nickle-cadium battery from the motherboard. Doing this has the same effect.
Now, I don't know laptop design too well. They must have an on-board battery at least! Don't know about the jumper, though.
I did find a document on IBM's web site, giving the official line on how to reset the BIOS password. Here is the URL:
http://www-1.ibm.com/support/manager.wss?rs=0&rt=0&org=psg&doc=YAST-3JZS7U
(please remove any spaces)
According to IBM,"Do Not Forget Your Supervisor Password! If you forget your Supervisor password, there is no way to reset your password to enter the BIOS configuration. Setting a supervisor password automatically sets the hard drive password. If you do not remember your supervisor password you must have the system serviced to have the system board and hard drive replaced. Proof of purchase is required, and this repair is not covered under the warranty. "