Ok, I reproduced exponential behaviour when a commit with no parents
is merged near the head of the kernel and a ^ argument is specified.
Fortunately a work-around is a one line change - a patch will be
forthcoming shortly.
The workaround will still require a full-graph scan but that is linear
rather than
exponential so is tolerable.
A better solution which will not require a full-graph scan will be
delivered in a future
patch.
Thanks for the report.
jon.