Index: source/blender/src/editipo_mods.c
===================================================================
--- source/blender/src/editipo_mods.c	(revision 10870)
+++ source/blender/src/editipo_mods.c	(working copy)
@@ -79,11 +79,9 @@
 
 void ipo_toggle_showkey(void) 
 {
-	if(G.sipo->showkey) {
-		G.sipo->showkey= 0;
-		swap_selectall_editipo();	/* sel all */
-	}
+	if(G.sipo->showkey) G.sipo->showkey= 0;
 	else G.sipo->showkey= 1;
+
 	free_ipokey(&G.sipo->ipokey);
 	if(G.sipo->ipo) G.sipo->ipo->showkey= G.sipo->showkey;
 	
Index: source/blender/src/editobject.c
===================================================================
--- source/blender/src/editobject.c	(revision 10870)
+++ source/blender/src/editobject.c	(working copy)
@@ -5184,18 +5184,17 @@
 			}
 			else {
 				base->object->ipoflag &= ~OB_DRAWKEY;
+				if(base->object->ipo) base->object->ipo->showkey= 0;
 			}
 		}
 		base= base->next;
 	}
 	allqueue(REDRAWVIEW3D, 0);
 	allqueue(REDRAWBUTSOBJECT, 0);
-	if(set) {
-		allqueue(REDRAWNLA, 0);
-		allqueue (REDRAWACTION, 0);
-		allspace(REMAKEIPO, 0);
-		allqueue(REDRAWIPO, 0);
-	}
+	allqueue(REDRAWNLA, 0);
+	allqueue (REDRAWACTION, 0);
+	allspace(REMAKEIPO, 0);
+	allqueue(REDRAWIPO, 0);
 }
 
 void select_select_keys(void)