A trivial oversight, og2list_nodeapi neglects to process list setup field on 'update' case. The fix is to copy the same code from 'insert' case:

      if (og_is_group_type($node->type)) {
        if (isset($node->recipient) && strlen($node->recipient) && $node->nid) {
          $count =  db_num_rows(db_query("SELECT nid FROM {og2list_groups} WHERE nid = %d",$node->nid));
          if ($count && $count > 0) { // an old row exists, delete it.
          db_query("DELETE FROM {og2list_groups} where nid = %d",$node->nid); 
          } 
          db_query("INSERT INTO {og2list_groups} (nid, recipient, status) VALUES (%d, '%s', 1)", $node->nid, $node->recipient);
        }
      }