The little spring secured "nose" of the cylinder pin, just visible next to the head of the ejector, releases the cylinder pin, if the cylinder needs to be removed.
As you say Fox Creek Kid the cylinder seems to be a mite short compared to current production .45 cal.
There is some work to be done to the pistol, i. e. exchange front sight to period correct (late model) blade, exchange triggerguard, reblueing incl. casehardening of hammer and loading gate, refinishing the grips.
Mechanically the action is crisp, barrel and chamber clear and shiny.
Bootsie