What is the effect toward the bottom that looks like a line of circles?
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That's not a deliberate effect. This is just how the Reflex Nikkor 500/8 renders bokeh. The mirror inside the lens is essentially doughnut shaped and reflects the image back into itself. So technically speaking, there is a massive gaping hole in the middle of the lens. This is why you see the ring effect in the out-of-focus blur.
Edit: Corrected a Typo.
Here's an even better example of it https://p.drkt.eu/2016/14066309_2094513670774721_6947703752195226600_o.jpg
Buttery smooth. I reckon yours is the 1000/11?
Na, it was just some off-brand 60 euro thing I got off amazon. I got rid of it long ago