The characteristics of subseasonal circulation variability over the South Pacific are examined using 10-day lowpass-filtered 700-hPa geopotential height NCEP - NCAR reanalysis data. The extent to which the variability in each season is characterized by recurrent geographically fixed circulation regimes and/or oscillatory behavior is determined. Two methods of analysis (a K-means cluster analysis and a cross-validated Gaussian mixture model) both indicate three to four geographically fixed circulation regimes in austral fall, winter, and ( to some extent) spring. The spatial regime structures are found to be quite similar in each season; they resemble the so-called Pacific - South American (PSA) patterns discussed in previous studies and often referred to as PSA 1 and PSA 2. Oscillatory behavior is investigated using singular spectrum analysis. This identifies a predominantly stationary wave with a period of about 40 days and a spatial structure similar to PSA 1; it is most pronounced in winter and spring and exhibits a noticeable eastward drift as it decays. The power spectrum of variability is otherwise well approximated by a red spectrum, together with enhanced broader-band 15 - 30-day variability. The results presented herein indicate that low-frequency variability over the South Pacific is not dominated by a propagating wave whose quadrature phases are PSA 1 and PSA 2, as hitherto described. Rather, it is found that the variability is well described by the occurrence of three to four geographically fixed circulation regimes, with a ( near) 40-day oscillation that is predominantly stationary in space. The potential subseasonal predictability implied by this duality is discussed. Only during austral spring is a strong correlation found between El Nino and the frequency of occurrence of the circulation regimes.