This 3rd variation has been listed in the Baseball Card Errors & Variations catalog by Dick Gilkeson since the 1990 edition. Many longtime E&V collectors have had this on their wantlists since then and I have received numerous emails regarding it since launching JunkWaxGems in 2010.
To date, nobody can confirm that it exists, with certainty, at least. As others have mentioned, erasing 1989 and 1990 UD cards was a big issue back then and they turn up fairly frequently now on ebay. And the McDonald card was the hottest card at the time of release. In this case, the seller openly states that they erased it. Over the years when this 'white circle' version has turned up on ebay, I have asked the sellers if they can guarantee that the surface has not been altered or shows any signs of dullness over the white area and almost none of them responded. One said that it didn't appear that way but wouldn't honor a refund if it turned out to be the case. Most of these had asking prices of $100+ which I would happily pay for a legitimate copy.
TL:DR, allegedly a white circle version exists but probably not.
Owner and creator of JunkWaxGems, online source for unlisted error, variation and oddball info from the junk wax era.
