If that is the whole script then there are missing closing curly braces and the set for “localPosition” is misspelt.
#pragma strict
function Update () {
if(Input.GetMouseButtonDown(1))
{
transform.localPosition = Vector3(0,0,0); // spelling, it's "localPosition"
}
if(Input.GetMouseButtonUp(1))
{
transform.localPosition = Vector3(1.25,0.19,1.5600) ; // spelling, it's "localPosition" and Vector should have a capital "V". You should also have matching parenthesis, Vector3 had one to many
} // missing to close the if mouse button 1 statement
}// missing to close the Update function