SQL 2005: NOLOCK hint dramatically increases reads. WTF?

SELECT * FROM dbo.<table-name> WITH (NOLOCK).

create table table1 (id int, val int)
go

select * from table1 with ( NoLock)
begin tran
insert into table1 values (1,1)

--Switch to new query window
select * from table1 with ( NoLock)
--switch back
rollback tran
select * from table1 with ( NoLock)