Short answer: refresh the page after making your initial submission of the javascript, or hit the URL that will display the page you're editing.
Long answer: because the text you filled into the form includes javascript, and the browser doesn't necessarily know that you are the source of the javascript, it is safer for the browser to assume that you are not the source of this JS, and not run it.
An example: Suppose I gave you a link your email or facebook with some javascript in it. And imagine that the javascript would message all your friends my cool link. So, the game of getting that link to be invoked becomes simply, find a place to send the javascript such that it will be included in the page.
Chrome and other WebKit browsers try to mitigate this risk by not executing any javascript that is in the response, if it was present in the request. My nefarious attack would be thwarted because your browser would never run that JS.
In your case, you're submitting it into a form field. The Post of the form field will cause a render of the page that will display the Javascript, causing the browser to worry. If your javascript is truly saved, however, hitting that same page without submitting the form will allow it to execute.