Smart Groups Changing 'OR' to 'AND' in Search Query

After saving an Advanced Search that uses 'OR' for the Search Operator as a Smart Group, when you view the Smart Group the query has been changed to 'AND'. I have tested this on the demo sites and does not appear to be CMS specific (I originally found it under Wordpress but also recreated it under Drupal). To recreate this:

1) Run an Advanced Search with the Search Operator set to 'OR' and multiple criteria.
2) Save the results as a smart group.
3) Click done and the smart group is displayed with the query showing 'AND' instead of 'OR' and a different result set (assuming your initial result set does not work for both 'AND' and 'OR')
4) Go to Groups and view your new Smart Group, the same results as #3 will display with the wrong operator.