You'll need your membership # and the member # for the point recipient, and then you just call MS, indicated you want to do a transfer, give them the member numbers and the number of points, and they complete the transfer. They'll give you a transfer number for your records.
Also, the one transfer limit is per UY of the points and not a function of when you call. Recently, in a single call, I transferred 2008 UY points to one member and 2009 UY points to another member. I won't be able to do any other transfers in or out with either 2008 or 2009 UY points though as I've used transfers for both years.
Hope that helps!