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The performance of a variable optical delay circuit that employs a fiber loop with highly nonlinear fiber parametric wavelength converters is discussed using both experiments and simulations. In our optical delay circuit, the delay time is determined from the number of circulations, which is controlled by the initially selected wavelength of the optical signal. We discuss the factors that limit the number of circulations described in our previous paper, derive the parameters that provide good performance levels, and confirm the performance by simulation. The simulated results indicate that 100 wavelength conversions can be achieved, namely, 100 different delay times can be given to optical packets.