  Context. Recently the discovery of PSR J1719-1438, a 5.8 ms pulsar with a
companion in a 2.2 hr orbit, was reported. The combination of this orbital
period and the very low mass function is unique. The discoverers, Bailes et
al., proposed an ultracompact X-ray binary (UCXB) as the progenitor system.
However, the standard UCXB scenario would not produce this system as the time
required to reach this orbital period exceeds the current estimate of the age
of the Universe. The detached state of the system aggravates the problem. Aims.
We want to understand the evolutionary history of PSR J1719-1438, and determine
under which circumstances it could have evolved from an UCXB. Methods. We model
UCXB evolution varying the donor size and investigate the effect of a wind mass
loss from the donor, and compare the results with the observed characteristics
of PSR J1719-1438. Results. An UCXB can reach a 2.2 hr orbit within the age of
the Universe, provided that 1) the millisecond pulsar can significantly heat
and expand the donor by pulsar irradiation, or 2) the system loses extra
orbital angular momentum, e.g. via a fast wind from the donor. Conclusions. The
most likely scenario for the formation of PSR J1719-1438 is UCXB evolution
driven by angular momentum loss via the usual gravitational wave emission,
which is enhanced by angular momentum loss via a donor wind of ~3x10^-13
Msun/yr. Depending on the size of the donor during the evolution, the companion
presently probably has a mass of ~1-3 Jupiter masses, making it a very low mass
white dwarf as proposed by Bailes et al. Its composition can be either helium
or carbon-oxygen. A helium white dwarf companion makes the long (for an UCXB)
orbital period easier to explain, but the required inclination makes it a
priori less likely than a carbon-oxygen white dwarf.
