Answer
Instead of dragging and dropping the Save to RefWorks bookmarklet to the toolbar add it manually. Use CTRL+click on the Save to RefWorks button shown below to open the alternate menu and copy the link address information.
Next, select CMD+D to create a new bookmark and select More….
The bookmark name can be edited.
In the URL field, select CTRL+V to paste the saved link address from the last step into the field. Please note the link address information is a simple JavaScript and it should not be edited. Select Save from the bottom of the window.
The Save to RefWorks bookmarklet will appear with the name assigned alongside other bookmarks.