Making circular list in print-object fails to print even when *print-circle* is T

hmm.lisp

(eval-when (:compile-toplevel :load-toplevel :execute)
  (setf *print-circle* t))

#||

How to trigger issue:

First run (make-instance 'trigger-object) to see the overflow.

Then run (make-circular) to see that the list created in print-object
should have been printable.

||#

(defclass trigger-object () ())

(defun make-circular ()
  (let ((thing (make-list 3)))
    (setf (second thing) thing
          (third thing) thing)
    thing))

(defmethod print-object ((obj trigger-object) stream)
  (format stream "#<CT2 ~a>" (make-circular)))

this works, suggesting issue with how circular refs were worked out in first pass

(eval-when (:compile-toplevel :load-toplevel :execute)
  (setf *print-circle* t))

(defclass trigger-object () ())

(defun make-circular ()
  (let ((thing (make-list 3)))
    (setf (second thing) thing
          (third thing) thing)
    thing))


(defvar *shit-cache* (make-hash-table))
(defmethod print-object ((obj trigger-object) stream)
  (let ((desig (or (gethash obj *shit-cache*)
                   (setf (gethash obj *shit-cache*)
                         (make-circular)))))
    (format stream "#<CT2 ~a>" desig)))