CCS/CCSTUDIO-MSP: CCS-MSP Compiler Problem

Hello,
I recently switched to CCS 10.1.1.00004 and now I encounter a problem that I cannot fix.
I can duplicate the problem by a minimal CCS managed example. Please see below.

At the marked line, the array address gets lost. The  array address is held here in a register.
After execution, the register contains a wong value.
My old GCC compiler does it right, it uses RAM and no register at the point.
Maybe I'm doing something wrong. Could someone please it try out and possibly
advice?

The optimization is completely switched off, the compiler is TI v20.2.3.LTS,
the CPU is MSP430F2274.

Many thanks.

#include <msp430.h>
/ **
 * main.c
 * /
static void test_list (unsigned char * data, unsigned int len)
{
 unsigned long ul_id;
      ul_id = (unsigned long) (data [0]);
      ul_id + = ((unsigned long) (data [1]) << 8); // << after that the array address is wrong !!
      ul_id + = ((unsigned long) (data [2]) << 16);
      ul_id + = ((unsigned long) (data [3]) << 24);
}

void test ()
{
    unsigned char buffer [8] = {0,1,2,3,4,5,6,7};
    test_list (buffer, 8);
}

int main (void)
{
  WDTCTL = WDTPW | WDTHOLD; // stop watchdog timer
  while (1) {
      Test();
  }
  return 0;
}