  We examine the periodic nature of detailed structure (particularly dips) in
the RXTE/ASM lightcurve of Circinus X-1. The significant phase wandering of the
X-ray maxima suggests their identification with the response on a viscous
timescale of the accretion disk to perturbation. We find that the X-ray dips
provide a more accurate system clock than the maxima, and thus use these as
indicators of the times of periastron passage. We fit a quadratic ephemeris to
these dips, and find its predictive power for the X-ray lightcurve to be
superior to ephemerides based on the radio flares and the full archival X-ray
lightcurve. Under the hypothesis that the dips are tracers of the mass transfer
rate from the donor, we use their occurrence rate as a function of orbital
phase to explore the (as yet unconstrained) nature of the donor. The high
$\dot{P}$ term in the ephemeris provides another piece of evidence that Cir X-1
is in a state of dynamical evolution, and thus is a very young post-supernova
system. We further suggest that the radio ``synchrotron nebula'' immediately
surrounding Cir X-1 is in fact the remnant of the event that created the
compact object, and discuss briefly the evidence for and against such an
interpretation.

Astrophysics