The roundabout(road island) is called Hardwicke Circus, here's a map:
http://www.dfsonline.co.uk/images/maps/67.gif

Each of the five entrances to the roundabout (three of which are dual carriageways) are (were) controlled by traffic lights which let traffic on to the roundabout sequentially.

Here's some pictures of the circus from January:
floods_1_jan2005_gallery.shtml?29
floods_1_jan2005_gallery.shtml?32
floods_1_jan2005_gallery.shtml?46
floods_1_jan2005_gallery.shtml?47
floods_1_jan2005_gallery.shtml?55

Not quite so wet:
assets/images/sal01.gif

What the locals think:
forum/messages/283/418.html?1110276466
viewmessages.asp?topicid=3312&forumid=19

In the news:
BBC
cumbria-online.co.uk
cumberland-news.co.uk
cumberland-news.co.uk
thescotsman

I went over the roundabout twice when the lights off in January, it really seemed to flow more smoothly. I shall be going round tomorrow and will let you know how it goes.