I found the culprit was this line in my configuration:

(setq lisp-indent-function 'common-lisp-indent-function)

and common-lisp-indent-function is provided by 

`.emacs.d/elpa/slime-20161109.640/contrib/slime-cl-indent.el'

I think it is a wrong configuration. 

something in common-lisp-indent-function cause the huge slowing down.

thanks for your time and sorry for the false bug.

On Sun, Dec 11, 2016 at 12:04 AM, Eli Zaretskii <eliz@gnu.org> wrote:
> From: npostavs@users.sourceforge.net
> Cc: Eli Zaretskii <eliz@gnu.org>,  25156@debbugs.gnu.org
> Date: Sat, 10 Dec 2016 10:29:44 -0500
>
> Neither of these hang for me from emacs -Q, using latest master (fc0fd24c105b)
>
> (benchmark 1 '(describe-variable 'lisp-mode-syntax-table)) ;=> "Elapsed time: 1.272053s (0.161946s in 6 GCs)"
> (benchmark 1 '(describe-property-list (list 'syntax-table lisp-mode-syntax-table))) ;=> "Elapsed time: 1.165824s (0.139516s in 5 GCs)"

I get similar times here.