I can reproduce this on r3497 with
./start_megaglest_g3dviewer ../../data/glest_game/techs/megapack/factions/tech/units/battle_machine/models/battle_machine_attacking.g3d
After 5 minutes of runtime, the memory consumption has tripled. Without a model loaded, there is no change in memory consumption.
When I "clear all", memory allocation stops increasing (but also doesn't decrease). When I then load the same model again, memory allocation still remains on the same elevated amount (but it may continue increasing the previously used memory is filled up again).
Another issue I have here is that the menu does not display, or rather it is 1 pixel high, so I can only access it by pressing F10.