Yamaha CS80

I've been discussing the sound of the CS-80 ring modulator on the
CS-80V group, and I wanted to ask for your insight here.  Listening to
Richard Lawson's demo,

http://www.rlmusic.co.uk/mals_site/mp3s/cs80_700.mp3

it sounds like the CS-80 RM is mono.  i.e. the ring modulation between
:09 and 0:19 doesn't pan back and forth.  What's confusing is I found
another CS-80 RM example in which the RM sound definitely moves back
and forth in the stereo field.

http://personal.inet.fi/private/matador/cs-80_user_ringmod.mp3

What am I hearing?  Is it because chorus is on (not sure if it is),
and the RM is subject to the stereo chorus?  Thanks for any help in
better understanding the original.