Escalibur -
WHAT is the source going in to the O2, and what gain settings does it have? (2.5X or 6.5X) or is it (1X and 3.3X)? Or is it (1X or 2.5X)?
IF you are using a 2V source, you are not supposed to use more than a 3X gain. 6.5X is for sources with 1V or less. If you use a source with 2V or more and high gain in excess of 3X, you are most definitely clipping. That would be normal, for mismatching gain / input voltage.
If it is not making bad noises at 2.5X, that is the setting I would use - save high gain for your MP3 player or phone.
BTW it can also sometimes be that you are hearing clipping in the recording itself. I haven't listened to Contiuum in awhile, but it sounds the same embedded in the recording as it does on the electronics.
My understanding is that the ODAC rev B has slightly higher output volage - 2.1V vs. 2.0V for the original ODAC.