A compact model for oscillatory flow in a long microchannel with a circular cross-section is derived from the linearised Navier-Stokes equations. The resulting twoport model includes the effects of viscosity due to rarefied gas in the slip flow regime, inertia, compressibility and losses due to heat exchange. Both an acoustic impedance T network and an acoustic admittance P network are presented for implementation in system level and circuit simulation tools. Also, reduced T and P networks with constant component values are given to be used in the low frequency region. They are useful in time domain simulations, too. To verify the analytical model, simulations with a harmonic finite element solver for acoustic viscous flow are performed for microchannels exploiting the axisymmetry. The simulation results with both open and closed outlet conditions are compared with the two-port model with excellent agreement. Contribution of the slip conditions and the accuracy of the simple model are demonstrated.