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Depending on the concentration, the ring-opening polymerization of 1,5-cyclooctadiene, or the metathesis of poly(2-butenylene), affords either cyclic oligomers or a mixture of cyclic oligomers and high molecular weight polymer, the 1,5-~yclooctadiene being not involved in the equilibrium. The concentration of oligomers at the equilibrium depends only on the nature of the solvent, and in the case of an aromatic solvent also on the total concentration of the reactants. The thermodynamic and kinetic pathways of the reaction are discussed.