jdk8 b121,

+ /export/local/aurora/CommonData/jdk/bin/java -d64 -noclassgc '-XX:MaxMetaspaceSize=16m' -XX:+UseSerialGC LowMemoryTest2
Selected memory pool for low memory detection.
    Memory Pool name: Code Cache
    Type: Non-heap memory
    Memory Usage: init = 4194304(4096K) used = 1145280(1118K) committed = 4194304(4096K) max = 251658240(245760K)
    Threshold: 201326592
    Manager = [CodeCacheManager]
Selected memory pool for low memory detection.
    Memory Pool name: Metaspace
    Type: Non-heap memory
    Memory Usage: init = 0(0K) used = 2877672(2810K) committed = 4980736(4864K) max = 16777216(16384K)
    Threshold: 13421772
    Manager = [Metaspace Manager]
Selected memory pool for low memory detection.
    Memory Pool name: Compressed Class Space
    Type: Non-heap memory
    Memory Usage: init = 0(0K) used = 319928(312K) committed = 524288(512K) max = 1073741824(1048576K)
    Threshold: 858993459
    Manager = [Metaspace Manager]
Exception in thread "Thread-0" java.lang.OutOfMemoryError: Metaspace
at java.lang.ClassLoader.defineClass1(Native Method)
at java.lang.ClassLoader.defineClass(ClassLoader.java:760)
at java.lang.ClassLoader.defineClass(ClassLoader.java:642)
at LowMemoryTest2$BoundlessLoaderThread.loadNext(LowMemoryTest2.java:134)
at LowMemoryTest2$BoundlessLoaderThread.run(LowMemoryTest2.java:155)
at java.lang.Thread.run(Thread.java:744)
Exception in thread "main" java.lang.RuntimeException: Test failed - notification not received!
at LowMemoryTest2.main(LowMemoryTest2.java:239)

full jtr attached.