Index: Python/peephole.c
===================================================================
--- Python/peephole.c	(revision 61328)
+++ Python/peephole.c	(working copy)
@@ -19,6 +19,8 @@
 #define CODESIZE(op)  (HAS_ARG(op) ? 3 : 1)
 #define ISBASICBLOCK(blocks, start, bytes) \
 	(blocks[start]==blocks[start+bytes-1])
+#define ISBASICBLOCKSTART(blocks, i) \
+	(i==0 || blocks[i-1] < blocks[i])
 
 /* Replace LOAD_CONST c1. LOAD_CONST c2 ... LOAD_CONST cn BUILD_TUPLE n
    with	   LOAD_CONST (c1, c2, ... cn).
@@ -516,6 +518,24 @@
 					}
 					break;
 				}
+
+				/* Optimize a common case: jump to a POP_TOP JUMP_(FORWARD|ABSOLUTE)
+				   where the second jump leads to a command directly following
+				   another POP_TOP. In this case, we can make the first conditional
+				   jump target the second POP_TOP right away. */
+				tgt = GETJUMPTGT(codestr, i);
+				if (codestr[tgt] == POP_TOP  &&
+				    UNCONDITIONAL_JUMP(codestr[tgt+1])) {
+					tgttgt = GETJUMPTGT(codestr, tgt+1);
+					while (UNCONDITIONAL_JUMP(codestr[tgttgt]))
+						tgttgt = GETJUMPTGT(codestr, tgttgt);
+					if (ISBASICBLOCKSTART(blocks, tgttgt-1)  &&
+					    codestr[tgttgt-1] == POP_TOP) {
+						j = (tgttgt-1) - (i+3);
+						SETARG(codestr, i, j);
+						/* memset(codestr + tgt, NOP, 1 + CODESIZE(codestr[tgt+1])); */
+					}
+				}
 				/* Intentional fallthrough */  
 
 				/* Replace jumps to unconditional jumps */