I've investigated this case little further.
I've used cvsup to downgrade my home system to
Now it does not panic.
So it's possible that last commit to src/sys/net/if_ppp.c broke something:
date: 2002/02/13 00:43:10; author: dillon; state: Exp; lines: +4 -3
MFC remove the MFREE() mbuf macro and cleanup twists in related code.
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