The first track records fine but when the second track
is recorded
it is very noisy, and even seems to have a pitch shift.
I think this is a known bug in the unstable versions. Set the number
of tracks to record to 2 instead of 1 and it should be fine. If you
don't use the second track (ie not stereo or 2 panned instruments)
you can easily delete it with the cross on the individual track
panel.
Cheers
Daniel