What steps will reproduce the problem?
http://play.golang.org/p/wpNOzCVSr9

What is the expected output?
Idle CPU

What do you see instead?
In the output of top the process has 100% CPU usage.

Which compiler are you using (5g, 6g, 8g, gccgo)?
8g

Which operating system are you using?
Ubuntu 12.04

Which version are you using?  (run 'go version')
go version devel +b5b5c246be0c Fri Mar 15 17:08:07 2013 -0700 linux/386

If the divisor is changed to 1.44 or larger, the process does not use 100% CPU.

Here's a profile from a slightly different program that was waiting on such a timer:

(pprof) top
Total: 80 samples
      25  31.2%  31.2%       37  46.2% runtime.entersyscallblock
      15  18.8%  50.0%       76  95.0% timerproc
      10  12.5%  62.5%       10  12.5% releasep
       8  10.0%  72.5%        8  10.0% runtime.nanotime
       6   7.5%  80.0%        6   7.5% runtime.noteclear
       5   6.2%  86.2%        5   6.2% runtime.xchg
       4   5.0%  91.2%        9  11.2% runtime.lock
       3   3.8%  95.0%        3   3.8% runtime.setprof
       1   1.2%  96.2%        1   1.2% runtime.exitsyscall
       1   1.2%  97.5%        1   1.2% runtime.getcallersp