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I doubt an oven or freezer will help, because all of the pieces will expand or contract the same amount.
Freezer spay might work if you can only apply it to the collet and bit.
I would get a tight fitting spanner on the shaft, and either mole grips or pipe wrench on the collet itself, and try to unscrew the collet.
No, it isnt threaded, but the twisting action may well break the friction seal.
When all else fails, the most drastic method would be cutting the bit off low to the collet, then drilling the bit out.
As and when you solve the problem, to stop it happening again get an 0 ring that just fits into the shaft. Then you can seat the cutter down to the 0 ring, and when undoing it will give the cutter enough room to move and not seize again.
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