A few thoughts:
Do you have the z stepper with the brake? And have you done a bolt check over the full machine? I’m wondering if there is a harmonic going on as there are some artifacts on the v-bit portion. If your getting vibrations, there’s either flexibility in the system (e.g. something is loose) or something is unbalanced/bent.
The z motor coupler might be further apart than it should be, I checked mine and I don’t have any play between the two couple parts. I suspect one of the pinch bolts might be (or might have been) loose and the red part of the coupling could have some wear in it.
Does the swirl seem to be worse later in the cut? There isn’t a lot of thermal mass in a 1/8” bit so it could heat up, or get chips stuck to it. There may also be a difference in the cooling effect of the air flow from dust collection that might impact this.
Do your chips on the OF look similar to what you get at work?
This is what I get with a 1/16” o-flute:
