You can "claim" the tokens till Dec. 31st however I will stress this ..... do NOT wait till the last min... I don't know how many times people cry on the last day that they didn't get it... do it now.
After you have the token you can claim your reward anytime forever from now that the game is still available....
The only time I got close to tears in UO was the first time I lost all my stuff to a PK haha (or the first time I got duped). I was like 13-years-old or 14 and I just completed my first bone armor set. Old trash barrel to block the door in a house trick, way before they added the eject from house on context (before Trammel, too, of course). Blue guy got me to the house acting friendly then switched to PK. Right after that, Magarock or something along those lines, stopped me as I was running around as a ghost, or a friend of his, and gave me a full, metal suit of armor.
It was my worst day and my best day of online gaming.
I was always hesitant to go red because of that once I started to PvP because I never wanted to have to be in a guild or a group that aimed to PK rather than PvP, but I had fun doing spawns while I did them. There may have been an IDOC or two in the past where I PK'd people, haha XD but um...I never PK'd outside of an objective.