I'm working with a breadboard. I used your circuit be80be and I'm still having the same problem... I've checked my optoisolator wiring and it all looks good.
I'm using a PS2501-4 and my pins are wired like so:
1,3,5,7 are wired to the 470 ohm resistors. 1 and 7 go to fwd, 3 and 5 go to rev.
2,8 are wired straight to rev
4,6 are wired straight to fwd
10,12 are wired to 12V
13,15 are wired to ground
9 goes to bottom right base
11 to bottom left base
14 to top right base
16 to top left base
I'm stumped =(