The fundamental guided electromagnetic dispersion characteristics in lossless dispersive metamaterial clad circular air hole waveguides are investigated. Two operating guided modes are found to exist: circular waveguide and surface plasmon polariton modes that support fast and slow waves, respectively. Hybrid mode classifications are also made in an empirical manner so that the guided modes can be sorted into either TM-like or TE-like modes in terms of their unique dispersion characteristics. Unusual dispersion characteristics, including multi-valued propagation constants at a single frequency, backward waves, and subwavelength guided propagations, are observed and discussed in relation to the air-hole radii and dielectric and magnetic constants of the metamaterial clad. A discussion comparing the extraordinary dispersion characteristics with those of other dielectric, plasmonic, and metamaterial waveguides is also included.