To reproduce, try running in git repo:
gitk 02f630448e5d48e..06ea6ba9cf46ef5
Than go some pages (around 5) forward. You should notice system load going up rapidly. Now try paging back - and graph starts stretching to the right, to the point nothing fits on the screen anymore.
Gitk as of commit 7388bcbc5431552718dde5c3259d861d2fa75a12 in git repository. Git - v1.5.3.5-551-g02f6304 (terse fetch output and some *really* unrelated local modifications. Anyway, the gitk is the same). Bisect points to or around 6e8c87070306a757c4d7fd2c55cca3a90fe140c7 "gitk: Establish and use global left-to-right ordering for commits". It loops heavily at this commit and looks broken in all subsequent commits.
Last know good was 3244729aac7515c. The master of gitk repo is ok too.