bug in vs2010 inlined function

All know how to calculate the crc32, yeah ?
Let`s see output from visual studio 2010 for inlined version of crc32:

Here list is alias for ecx register:

  mov     [ebp+params.list_rva], list  
  not     cl 
  movzx   list, cl ; ok, now in ECX 00 00 00 cl
  mov     eax, ds:CRCTable[list*4]
  xor     eax, 0FFFFFFh 
  movzx   ebx, al
  movzx   list, ch ; wait, CH now zero bcs of previous movzx ecx, cl !
  shr     eax, 8
  xor     list, ebx
  xor     eax, ds:CRCTable[list*4]
  movzx   list, byte ptr [ebp+params.list_rva+2]
  movzx   ebx, al
  shr     eax, 8
  xor     list, ebx
  xor     eax, ds:CRCTable[list*4]
  movzx   list, byte ptr [ebp+params.list_rva+3]
  movzx   ebx, al

it is obvious that the result of this functions is incorrect