The recently described reaction products of zirconacyclopropenes Cp′2Zr(η2‐Me3SiC2SiMe3) and five‐membered zirconacyclocumulenes (zirconacyclopenta‐2,3,4‐trienes) Cp*2Zr(η4‐1,2,3,4‐RC4R), Cp* = η5‐pentamethylcyclopentadienyl, R = Me, Me3Si and Ph, with i‐Bu2AlH are active catalysts in the polymerization of ethylene and in the ring opening polymerization of ε‐caprolactone. Here we describe the different activity of these complexes after thermal activation or if additional i‐Bu2AlH together with water are added. These results are compared to those which were obtained with the complexes Cp2Zr(η4‐1,2,3,4‐H2C4H2), rac‐(EBTHI)ZrF2, rac‐(EBTHI)ZrCl2, [rac‐(EBTHI)Zr(H)(µ‐H)]2 and rac (EBTHI)Zr(F)CH2‐CH2(2‐Py) after activation with i‐Bu2AlH together with water.