!!$ unitialized at first prompt

["Benjamin R. Haskell" <zsh@xxxxxxxxxx>]

Experiencing bizarre behavior when the first thing I do in the shell is 
to call expand-or-complete on !$.

If the value of !$ contains something from $IFS, it expands improperly 
during the first command to just the last word.

# get something into history that has a space-y last arg
first-shell$ echo 'a b'
a b
first-shell$ <ctrl-d> to logout

# first noticed the weird tab-completion
second-shell$ echo !$<tab>
zsh: do you want to see all 294 possibilities (49 lines)?

# but it also doesn't expand to the correct value:
# (without an intervening command)
second-shell$ echo x!{$}y
quote><ctrl-c>
echo xb'y

I first thought it was related to having just added csh_junkie_history 
to my preferred options, but it's not.  Reproducible with 
HISTFILE=/tmp/testhist ZDOTDIR=/nonexistent zsh -f.  Seems like 
something's not being initialized in the correct order.

--
Best,
Ben