From my experience with it you have the skill requirement met, which is being within 20 skill points of its wrestling. What you also need to do is be in a guild and make the golem go green by using commands such as "all guard me" and "all stay." I didn't get great gains off of my golem, but it was still consistent and easy. One thing to pay attention to is if it goes grey again within a minute or two. It can take several attempts before you get the golem to stay green. I usually use this method...
say "all guard me"
type "all stop" but dont hit enter yet
left click golem and select the kill command
as I press the kill button I hit enter to say "all stop"
then say "all stay" so it doesn't wander off randomly
it can take a few times before the little ******* stays put...but it should work at that point...give it a little time and you should see gains
