The polymerization of isoprene with C2H5AlCl2 to yield solid cyclopolyisoprene is markedly accelerated by the addition of TiCl4. The polymer yield passes through a maximum on increasing the catalyst reaction time with or without monomer present. The active species are probably cations formed by dissociation of the reaction product of C2H5AlCl2 and TiCl4. The polymerization of isoprene with (C2H5)2AlX–TiCl4 (X = F, Br, Cl) has maximum activity at an Al/Ti mole ratio of 0.75 corresponding to conversion of R2AlX to RAIX2 which then reacts with remaining TiCl4. A proposed mechanism of cyclopolymerization of conjugated dienes involves monomer activation, i.e., conversion to cation radical by one‐electron transfer to catalyst cation which is itself neutralized, addition of cation end of monomer cation radical to terminal or internal unsaturation of fused cyclohexane polymer chain, one‐electron transfer from “neutral” catalyst to cation on polymer chain which is then transformed to a diradical which undergoes coupling to form a cyclohexene ring. The mechanism of the “living” polymerization involves addition of catalyst‐activated monomer to a “dead” polymer with a terminal cyclohexene ring and regeneration of the active catalyst.