The dynamical behavior of the nonlinear optical loop mirror (NOLM) with feedback and low birefringence twisted fiber in the loop is examined. It is found that the output of the NOLM with feedback depends on many parameters, including the fiber beat length, the polarization state of the counter-propagating beams in the loop, as well as the length, twist rate, and nonlinearities of the loop fiber. The placement of a quarter-wave plate (QWP) asymmetrically in the loop allows for the tuning of the bistable and chaotic output from the optical resonator. As well, the output polarization state of the NOLM with feedback is shown to rely on the QWP angle as well as the input power, which is of importance when using the NOLM with feedback in optical systems that have polarization sensitivity. As all fibers exhibit some degree of twist and birefringence, the addition of a QWP in the NOLM with feedback allows for an easy and practical measure of control of the bistable and chaotic regions of the nonlinear optical resonator, which is important when implementing the device in an optical system.