Okay, I quickly wanted to test this before responding so made an associated program as below:

vb net Code:
  1. Dim startx As Integer
  2.     Dim starty As Integer
  3.     Dim currentx As Integer
  4.     Dim currenty As Integer
  5.  
  6.     Private Sub DrawCircle()
  7.         Dim e As System.Drawing.Graphics
  8.         e = PictureBox1.CreateGraphics
  9.         e.CompositingQuality = Drawing2D.CompositingQuality.HighQuality
  10.         e.SmoothingMode = Drawing2D.SmoothingMode.AntiAlias
  11.         e.FillEllipse(Brushes.Lime, startx, starty, currentx, currenty)
  12.     End Sub
  13.  
  14.     Private Sub Timer1_Tick(sender As System.Object, e As System.EventArgs) Handles Timer1.Tick
  15.         Call DrawCircle()
  16.         startx = startx + 5
  17.         starty = starty + 5
  18.         currentx = currentx + 5
  19.         currenty = currenty + 5
  20.     End Sub
  21.  
  22.     Private Sub Button1_Click(sender As System.Object, e As System.EventArgs) Handles Button1.Click
  23.         Timer1.Enabled = True
  24.     End Sub

The above creates a continuous line of circles overlapping and growing larger on each tick of a timer within PictureBox1.

I'm not entirely sure what you're after, you seem to have posted two similar issues.

To make a smooth border like the first white circle use:

vbnet Code:
  1. Dim bmp As Bitmap = New Bitmap(64, 64)
  2. Dim g As Graphics = Graphics.FromImage(bmp)
  3. g.CompositingQuality = Drawing2D.CompositingQuality.HighQuality
  4. g.SmoothingMode = Drawing2D.SmoothingMode.AntiAlias
  5. g.FillEllipse(Brushes.White, 8, 8, 48, 48)
  6. bmp.Save("d:\dot.png")