I walk home most work nights and cross the Presumpscot River on my way. It adds about 20 minutes to go up to that end of town and see it. I did that a couple times last year, and will be doing so this coming Tuesday (since Monday is MLK day). Thankfully the weather will be mostly below freezing until then, although it will go up to 37 today.
I think its the combination of the single digit nights which allow ice to form on the river, and warmer days which let the thin edges break free so it can turn. Then it's the action of grinding against the shoreline ice that creates the round shape, like a block of wood on a lathe under the worker's tools. We got another six inches of snow last night which will help to beef up the solid portion.
It's fascinating that it happened a second time. If I didn't have so much shoveling to do today I would almost be inclined to walk over there and take a look!