They mean two totally different things so whether they are grammatically correct is dependent upon what you want them to mean. 1. Around this time--something happened in the past and is being repeated at very close to the time it is when you say it.
What does "it is" refer to in this sentence? Would it be grammatically incorrect to structure this sentence like:
.....and is being repeated at very close to the time when you say it.
Would it change the meaning of the sentence to omit the it is part?