I can reproduce this. I'm on the most recent master with Emacs 28.0.50. Once the last line is deleted, org-cycle won't show the "**" line and the minibuffer continues to say "FOLDING" instead of cycling through the various states.

On Sat, Sep 19, 2020, at 12:10, B Goodr wrote:
> Hi,
> 
> Still loving Org mode!!  Keep up the good work.
> 
> Here is a bug, though:
> 
> Steps to reproduce:
> 
> Store the following into some .org file (in between the "cut-here" lines):
> 
> ---cut-here---cut-here---cut-here---cut-here---cut-here---cut-here---
> * TODO aaa bbb ccc
> 
> ** TODO aaa bbb ccc
> 
> delete-this-line-to-see-the-problem
> ---cut-here---cut-here---cut-here---cut-here---cut-here---cut-here---
> 
> Move point at first asterisk (beginning of buffer).
> 
> Type TAB key (bound to org-cycle) multiple times and notice it cycles
> the headings through the various levels of exposure.
> 
> Now go to the end of the buffer, and delete the one line there
> containing "delete-this-line-to-see-the-problem", but retain the two
> empty lines at the end.
> 
> Repeat the above steps with the TAB key at the top of the buffer, and
> notice it stops working.
> 
> On the mailing list, I see some recent changes that might or might not
> have broken this. I've not upgraded Org mode in a while:
> 
> https://lists.gnu.org/archive/html/emacs-orgmode/2020-09/msg00520.html
> 
> Thanks!
> -bgoodr
> 
> 
> 
> Emacs  : GNU Emacs 26.3 (build 2, x86_64-pc-linux-gnu, GTK+ Version 3.24.14)
>  of 2020-03-26, modified by Debian
> Package: Org mode version 9.4 (9.4-elpaplus @ /home/brentg/.emacs.d/elpa/org-plus-contrib-20200914/)
> 
> current state:
> ==============
> (setq
>  org-src-mode-hook '(org-src-babel-configure-edit-buffer org-src-mode-configure-edit-buffer)
>  org-link-shell-confirm-function 'yes-or-no-p
>  org-babel-after-execute-hook '(bg-org-babel-after-execute-hook)
>  org-metadown-hook '(org-babel-pop-to-session-maybe)
>  org-export-with-sub-superscripts nil
>  org-clock-out-hook '(org-clock-remove-empty-clock-drawer)
>  org-refile-targets '((nil :maxlevel . 9) (org-agenda-files :maxlevel . 9))
>  org-html-format-inlinetask-function 'org-html-format-inlinetask-default-function
>  org-odt-format-headline-function 'org-odt-format-headline-default-function
>  org-agenda-files "/home/brentg/Plans/Home/org-agenda-files-list-file.txt"
>  org-ascii-format-inlinetask-function 'org-ascii-format-inlinetask-default
>  org-plantuml-jar-path "/home/brentg/plantuml/plantuml.jar"
>  org-startup-folded nil
>  org-id-link-to-org-use-id t
>  org-mode-hook '(org-tempo-setup org-clock-load bg-org-mode-hook #[0 "\301\211 \207" [imenu-create-index-function org-imenu-get-tree] 2]
> #[0 "\300\301\302\303\304$\207" [add-hook change-major-mode-hook org-show-all append local] 5]
> #[0 "\300\301\302\303\304$\207" [add-hook change-major-mode-hook org-babel-show-result-all append local] 5] org-babel-result-hide-spec org-babel-hide-all-hashes org-eldoc-load)
>  org-clock-persist t
>  org-odt-format-drawer-function #[514 "\207" [] 3 "\n\n(fn NAME CONTENTS)"]
>  org-archive-hook '(org-attach-archive-delete-maybe)
>  org-confirm-elisp-link-function 'bg-org-confirm-elisp-link
>  org-agenda-before-write-hook '(org-agenda-add-entry-text)
>  org-metaup-hook '(org-babel-load-in-session-maybe)
>  org-bibtex-headline-format-function #[257 "\300 \236A\207" [:title] 3 "\n\n(fn ENTRY)"]
>  org-adapt-indentation nil
>  org-latex-format-drawer-function #[514 "\207" [] 3 "\n\n(fn _ CONTENTS)"]
>  org-babel-pre-tangle-hook '(save-buffer)
>  org-file-apps '((auto-mode . emacs) (directory . emacs) ("\\.mm\\'" . default) ("\\.x?html?\\'" lambda (file link) (browse-url-of-file (expand-file-name file))) ("\\.pdf\\'" . default))
>  org-tab-first-hook '(org-babel-hide-result-toggle-maybe org-babel-header-arg-expand)
>  org-babel-load-languages '((emacs-lisp . t) (python . t) (shell . t) (sqlite . t) (dot . t) (plantuml . t))
>  org-ascii-format-drawer-function #[771 " \207" [] 4 "\n\n(fn NAME CONTENTS WIDTH)"]
>  org-agenda-loop-over-headlines-in-active-region nil
>  org-src-lang-modes '(("arduino" . arduino) ("redis" . redis) ("php" . php) ("C" . c) ("C++" . c++) ("asymptote" . asy) ("bash" . sh) ("beamer" . latex) ("calc" . fundamental) ("cpp" . c++) ("ditaa" . artist)
>      ("dot" . fundamental) ("elisp" . emacs-lisp) ("ocaml" . tuareg) ("screen" . shell-script) ("shell" . sh) ("sqlite" . sql))
>  org-occur-hook '(org-first-headline-recenter)
>  org-html-head-include-default-style nil
>  org-html-htmlize-output-type 'css
>  org-export-headline-levels 100
>  org-edit-src-auto-save-idle-delay 5
>  org-cycle-hook '(org-cycle-hide-archived-subtrees org-cycle-hide-drawers org-cycle-show-empty-lines org-optimize-window-after-visibility-change)
>  org-todo-keywords '((sequence "TODO(t)" "|" "DONE(d)" "SHELVED(s)" "DELEGATED(e)"))
>  org-speed-command-hook '(org-speed-command-activate org-babel-speed-command-activate)
>  org-clock-persist-file "/home/brentg/Plans/Home/org-clock-save.el"
>  org-odt-format-inlinetask-function 'org-odt-format-inlinetask-default-function
>  org-babel-tangle-lang-exts '(("python" . "py") ("emacs-lisp" . "el") ("elisp" . "el"))
>  org-return-follows-link t
>  org-refile-use-outline-path 'file
>  org-clock-in-hook '(bg-org-clock-in-hook)
>  org-export-before-parsing-hook '(org-attach-expand-links)
>  org-id-locations-file "/home/brentg/Plans/Home/.org-id-locations"
>  org-confirm-shell-link-function 'yes-or-no-p
>  org-link-parameters '(("attachment" :follow org-attach-follow :complete org-attach-complete-link) ("id" :follow org-id-open) ("eww" :follow org-eww-open :store org-eww-store-link)
>       ("rmail" :follow org-rmail-open :store org-rmail-store-link) ("mhe" :follow org-mhe-open :store org-mhe-store-link)
>       ("irc" :follow org-irc-visit :store org-irc-store-link :export org-irc-export) ("info" :follow org-info-open :export org-info-export :store org-info-store-link)
>       ("gnus" :follow org-gnus-open :store org-gnus-store-link) ("docview" :follow org-docview-open :export org-docview-export :store org-docview-store-link)
>       ("bibtex" :follow org-bibtex-open :store org-bibtex-store-link) ("bbdb" :follow org-bbdb-open :export org-bbdb-export :complete org-bbdb-complete-link :store org-bbdb-store-link)
>       ("w3m" :store org-w3m-store-link) ("file+sys") ("file+emacs") ("shell" :follow org-link--open-shell)
>       ("news" :follow #[514 "\301\300\302 Q \"\207" ["news" browse-url ":"] 6 "\n\n(fn URL ARG)"])
>       ("mailto" :follow #[514 "\301\300\302 Q \"\207" ["mailto" browse-url ":"] 6 "\n\n(fn URL ARG)"])
>       ("https" :follow #[514 "\301\300\302 Q \"\207" ["https" browse-url ":"] 6 "\n\n(fn URL ARG)"])
>       ("http" :follow #[514 "\301\300\302 Q \"\207" ["http" browse-url ":"] 6 "\n\n(fn URL ARG)"])
>       ("ftp" :follow #[514 "\301\300\302 Q \"\207" ["ftp" browse-url ":"] 6 "\n\n(fn URL ARG)"]) ("help" :follow org-link--open-help) ("file" :complete org-link-complete-file)
>       ("elisp" :follow org-link--open-elisp) ("doi" :follow org-link--open-doi))
>  org-latex-format-headline-function 'org-latex-format-headline-default-function
>  org-link-elisp-confirm-function 'bg-org-confirm-elisp-link
>  org-clock-idle-time 10
>  org-latex-format-inlinetask-function 'org-latex-format-inlinetask-default-function
>  org-tab-before-tab-emulation-hook '(org-tempo-complete-tag)
>  org-html-format-drawer-function #[514 "\207" [] 3 "\n\n(fn NAME CONTENTS)"]
>  org-html-format-headline-function 'org-html-format-headline-default-function
>  org-confirm-babel-evaluate 'bg-org-confirm-babel-evaluate
>  org-directory "/home/brentg/Plans/Home"
>  org-publish-project-alist '(("my-emacs-lisp-org" :base-directory "~/emacs_lisp/" :publishing-directory "~/public_html/emacs_lisp" :recursive t :table-of-contents t :base-extension "org" :publishing-function
>      org-html-publish-to-html :style-include-default nil :section-numbers t :with-sub-superscript nil :html-head "<link rel=\"stylesheet\" href=\"org.css\" type=\"text/css\" />"
>      :author-info nil :creator-info nil)
>     ("my-emacs-lisp-extra" :base-directory "~/emacs_lisp/" :publishing-directory "~/public_html/emacs_lisp" :base-extension "css\\|pdf\\|png\\|jpg\\|gif" :publishing-function
>      org-publish-attachment :recursive t :author nil)
>     ("my-emacs-lisp" :components ("my-emacs-lisp-org" "my-emacs-lisp-extra")))
>  org-default-notes-file "/home/brentg/Plans/Home/notes.org"
>  )