Update:
Since OCaml 4.01.0 (released Sept. 2013) the general problem is the same, but the error message adds a number to the type definition, to make evident the types are internally different.
Full example from the old OCaml FAQ in the toplevel:
type counter = Counter of int;; (* define a type *)
type counter = Counter of int
# let x = Counter 1;; (* use the new type *)
val x : counter = Counter 1
type counter = Counter of int;; (* redefine the type, use it *)
type counter = Counter of int
# let incr_counter c = match c with Counter x -> Counter (x + 1);;
val incr_counter : counter -> counter = <fun>
# incr_counter x;; (* now mix old and new defs *)
Error: This expression has type counter/1029
but an expression was expected of type counter/1032
#