The Circular Knot Formation is described as follows in the square set dance "The Blue Lights of Pizza Express":

1-2: Turn partner 1 1/4 with the right hand into promenade hold, facing anticlockwise around the set, men nearest the center;

2-4: Progress one place (1/4 way) round the set anticlockwise;

5-8: Turn 1 1/4 with the left hand, as in the knot, to finish man facing out, lady facing in.

Possibly the facing at the end might differ in other dances if the formation will be adopted by other devisors.