Use the "buffer" method.
point = my_factory.point(20, 30)
circle = point.buffer(my_radius)
A few notes:
* This is available only through GEOS. So the Geos factories, and the simple_mercator and projected geographic factories will support it, but simple_spherical and simple_cartesian factories will not.
* The "circle" is, of course, a polygon approximation of a circle. The quality of the approximation is determined by the :buffer_resolution parameter you used when you created the factory. A reasonable value for many applications is 8, which will create a 32-gon approximation of a circle.
* Watch the coordinate system. If you want a certain radius IN METERS, you may need to convert it to the appropriate coordinate system. For example, if your coordinate system is a Mercator projection, most of those use meters as the unit of measure at the equator, so as you increase latitude, you'll have to scale by the secant of the latitude (which is the scaling distortion inherent in the projection.) Note also that a circle is usually not a circle in most projections, especially if it's large. If you can be more specific about what your application is, I might be able to help further.
Daniel