  The (SrTiO$_3$)$_m$/(SrVO$_3$)$_n$ $d^0-d^1$ multilayer system is studied
with first principles methods through the observed insulator-to-metal
transition with increasing thickness of the SrVO$_3$ layer. When correlation
effects with reasonable magnitude are included, crystal field splittings from
the structural relaxations together with spin-orbit coupling (SOC) determines
the behavior of the electronic and magnetic structures. These confined slabs of
SrVO$_3$ prefer $Q_{orb}$=($\pi,\pi$) orbital ordering of $\ell_z = 0$ and
$\ell_z = -1$ ($j_z=-1/2$) orbitals within the plane, accompanied by
$Q_{spin}$=(0,0) spin order (ferromagnetic alignment). The result is a
SOC-driven ferromagnetic Mott insulator. The orbital moment of 0.75 $\mu_B$
strongly compensates the spin moment on the $\ell_z = -1$ sublattice. The
insulator-metal transition for $n = 1 \to 5$ (occurring between $n$=4 and
$n$=5) is reproduced. Unlike in the isoelectronic $d^0-d^1$ TiO$_2$/VO$_2$
(rutile structure) system and in spite of some similarities in orbital
ordering, no semi-Dirac point [{\it Phys. Rev. Lett.} {\bf 102}, 166803 (2009)]
is encountered, but the insulator-to-metal transition occurs through a
different type of unusual phase. For n=5 this system is very near (or at) a
unique semimetallic state in which the Fermi energy is topologically determined
and the Fermi surface consists of identical electron and hole Fermi circles
centered at $k$=0. The dispersion consists of what can be regarded as a
continuum of radially-directed Dirac points, forming a "Dirac circle".
