I have worked with osage off and on over the years making bows. It is notorious for checking/cracking on the ends if you cut a log or limb. The reason for this is that mositure ecscapes quickly from the open grains of the cuts at each end of the log,where it escapes much slower through the bark. This is the reason you coat the ends with something (wood glue, paint, wax) to slow the moisture escaping. If you are wanting to make knife handles, try cutting some of the wood into 3"X3"X???" pieces making sure there is no bark (or any of the white sapwood) left on the pieces. These should dry relatively quickly without checking. However, all wood behaves differently, so you may want to try a sample first before commiting your entire limb to this process. A good way to tell if the wood is dry is to weigh it on a small kitchen scale, these can usally measure to tenths of an ounces, once the wood quites losing weight it is at equalibrium moisture wise to what every part of the counry you live in. The only way to get the wood to dry quicker is to heat it. A fan blowing across the wood will also help drive moisture off more quickly. wood can be dried relatively quickly if it is cut into small sections and not heated too severly. I have cut a tree down, split the log into billets and then roughed out my bow leaving it about 1/2 inthicker than I though I would need. I then placed the roughed out bow in a dry box consisting of some insulation and a few 110 light bulbs with a small fan from a computer blowing across the wood. This setup brought the wood up to about 110 - 115F. I had a moisture meter and had the wood to around 8% within a week. This was cut the tree to shooting the bow in about three weeks with no checking and almost no string follow.
Sorry for the long explaination. Just trying to pass on that you do not need to leave the wood in log for for several years if you treat it correctly.
Mark