Comment 2 for bug 613905

doesn't seem completely fixed, still happens for top-level forms:

circ.lisp:

(print (eq '#1=(a . #1#) (cdr '(a . #1#))))
(print (eq '#1=(a . b) (cdr #2='(#2# . #1#))))

(defun f ()
  (declare (notinline eq))
  (eq '#1=(a . #1#) (cdr '(a . #1#))))

(defun g ()
  (declare (notinline eq))
  (eq '#1=(a . b) (cdr #2='(#2# . #1#))))

(print (list (f) (g)))

* (load "/tmp/circ.lisp")

T
T
(T T)

* (load (compile-file "/tmp/circ.lisp"))

NIL
NIL
(T T)