Draft emails

If you're using AOL's software, click on the Send Later button.

If you use AOL webmail, there is no way to save unsent mail.

If you use another e-mail program, consult the help for that program. 

Actually: If you use AOL webmail (http://webmail.aol.com) and have an AIM account, you also have a draft folder and can save mails as draft while you write them. For AOL (@aol.com) users, this feature will be added within the next couple of weeks.

I had the same problem until I switched from Basic Version to Standard Version (it's a toggle button at the very bottom of your mail page), and since then the draft button has worked.  Switching to standard version also allowed my contact list to drop down while I was entering addresses, making it so much easier to use.