^O gets stuck if there's a bunch of history

[gregrwm]

Configuration Information [Automatically generated, do not change]:
Machine: x86_64
OS: linux-gnu
Compiler: gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='x86_64' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='x86_64-redhat-linux-gnu' 
-DCONF_VENDOR='redhat' -DLOCALEDIR='/usr/share/locale' -DPACKAGE='bash' -DSHELL 
-DHAVE_CONFIG_H   -I.  -I. -I./include -I./lib  -D_GNU_SOURCE -DRECYCLES_PIDS  
-O2 -g -pipe -Wall -Wp,-D_FORTIFY_SOURCE=2 -fexceptions -fstack-protector 
--param=ssp-buffer-size=4 -m64 -mtune=generic -fwrapv
uname output: Linux okra.fo4.net 2.6.32-131.12.1.el6.x86_64 #1 SMP Sun Jul 31 
16:44:56 EDT 2011 x86_64 x86_64 x86_64 GNU/Linux
Machine Type: x86_64-redhat-linux-gnu

Bash Version: 4.1
Patch Level: 2
Release Status: release

Description: ^O gets stuck if there's a bunch of history
rpm -q bash             #i have this problem on bash-4.1.2-8.el6.x86_64
dpkg-query -W bash      #and on 4.2-0ubuntu3
echo $BASH_VERSION      #4.1.2(1)-release and/or 4.2.8(1)-release

Repeat-By:
rm $HISTFILE                            #start with no history file
exec -cl bash --norc --noprofile        #start with no history in memory
pm=1.2.3.4                              #do some commands
sb='echo sudo -uboo'
ssb="$sb ssh -p1234 $pm cd boo;"
$ssb 'echo run
echo fox
echo fun'
exec -cl bash --norc --noprofile        #start over again
                                        #now do the same commands from history 
using ^O.  should be no problem so far.
for((i=0;i<1000;i++));do echo echo $i The quick brown fox jumps over the lazy 
dog.>>$HISTFILE;done      #add some more history
exec -cl bash --norc --noprofile        #start over again
                                        #now do the same commands from history 
using ^O.  i get stuck doing "echo fox" over and over.  no fun.