Circle Racing is a game where you race in a circle.
As with many Nice Code games, pressing Up, Down, Up, Left, Right, Left, B on the title screen will briefly display a credits screen. The ASCII PJ art likely refers to the Power Joy series of Famiclones which many Nice Code games were released on.
The graphics used for the title screen contain some unused characters. These would have likely been used for 1/2 player options (the game is 1 player only) and a Power Joy copyright string.