The other answers are probably better for your environment, but there's no need to fear a tiny bit of trig, and something like below will work equally well in all (python) environments.
for i in range(100):
ang = i/100 * math.pi * 2
yield (x + r * math.cos(ang), y + r * math.sin(ang) )
(However, you may have cause to fear the arcpy API required to assemble polygon objects from point data. I haven't had to tackle it yet. :)
You may find this question/my answer interesting if you need circle to truly represent equal distances around the point.