If you assume the circular list structure, when the last element of the list is deleted, the next element to be deleted is not the first one in the remaining list any more but the second one. Thus,
L = range(100)
st1=len(L)%2
st2=0
while len(L)>1:
del L[st2::2]
st2=(st1+st2)%2
st1=len(L)%2
print L
should be correct.
The result is
[1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27, 29, 31, 33, 35, 37, 39, 41, 43, 45, 47, 49, 51, 53, 55, 57, 59, 61, 63, 65, 67, 69, 71, 73, 75, 77, 79, 81, 83, 85, 87, 89, 91, 93, 95, 97, 99]
[3, 7, 11, 15, 19, 23, 27, 31, 35, 39, 43, 47, 51, 55, 59, 63, 67, 71, 75, 79, 83, 87, 91, 95, 99]
[7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 95]
[7, 23, 39, 55, 71, 87]
[7, 39, 71]
[7, 71]
[71]