After leaving CNN, where he did an interview with Larry King, Michael hightailed it to the famous watering hole ... where he smiled with fans, posed for photos, and "relaxed."
Michael told us he was going to call his daughter from inside the bar ... probably to make her jealous.
UPDATE: TMZ spoke with Lohan, who tells us he was only at Saddle Ranch for "All-You-Can-Eat Rib Night."
At $21.99 ... it's one hell of a deal.
But we digress ... Lohan also told us he never touched any alcohol.