SUMMARY: As reported recently, our results about the ring distribution in the polybutadiene (resp. cyclobutene) system at the metathesis polymerization/depolymerization equilibrium differ strongly from literature data published earlier. To support our findings with thermodynamic data, the product spectrum in toluene was determined at equilibrium in dependence of the feed concentration (0.1 to 1.8 mol [2C 4 H 6 2]/L) and the temperature (4 8C to 508C). For better understanding of the ring-chain distribution we introduced the turning point. This is the feed concentration at which the differential change of the ring equilibrium concentration equals that of the chains. In contrast to the terminology used until now, as for example "cut off point" or "critical concentration", the turning point describes what exactly happens in the system and has a physical meaning not only for the integral ring concentration but also for the concentration of every individual ring. The integral turning point was determined, it is temperature dependent. A strong preference for the cyclic trimers (especially for the all-trans one) was observed, which is the only ring size to show a temperature influence as a whole. The all-trans cyclic trimer is built the most exothermically in comparison with any other cyclic geometric isomer. The ctt-isomer is built endothermically. Tetramers are disfavoured regarding the pentamers. The amount of trans double bonds in the trimers at 25 8C is 97%. The trans amount decreases with increasing ring size and approaches a trans/cis ratio of about 83/17 at 25 8C. In the whole temperature region the polymeric chains show a most probable distribution. The trans/cis ratio in the polymeric fraction as a function of the temperature follows a clear tendency in accordance with the thermodynamic prediction. The trans respectively cis double bonds are distributed randomly across the chains. For all cases mentioned, quantitative thermodynamic data are presented.