Step 1: Create a single dot.
Step 2: With your dot still selected, select the Rotate Tool (R).
Step 3: Left click once where you want the center of your circle to be in relation to your dot.
Step 4: While holding Option/Alt the whole time, click and drag your dot to the left or right, it will rotate around the point you just designated with the Rotate Tool. Release it when you're comfortable with the position of your second dot.
Step 5: Press Cmd/Ctrl + D repeatedly, this will mimic your last action over and over, creating more dots around the point you designated in a perfect circle.