As <http://www.tlg.uci.edu/~opoudjis/unicode/gkdiacritics.html#circ> helpfully lists, both the tilde style and the inverted breve style are widely used. The inverted breve style might be less common, but many design choices in the Ubuntu font are relatively uncommon.
Unfortunately, since sterios's comment, both <http:// ubuntuone. com/p/yPp/> (thanks to the Ubuntu One shutdown) and <http:// pi-schools. sch.gr/ gymnasio/ arxaia_ b/math/ math_1- 20.pdf> have disappeared. And <http:// pi-schools. sch.gr/ gymnasio/> now redirects to <http:// www.pi- schools. gr/>, which doesn't have a search field. However, I confirmed that in <http:// files.ubuntu- gr.org/ forum/pros/ dictionaries/ %20%ce% b1%cf%81% cf%87%ce% b1%ce%af% cf%89%ce% bd%20%ce% b5%ce%bb% ce%bb%ce% b7%ce%bd% ce%b9%ce% ba%cf%8e% ce%bd.pdf>, "ᾶ" is rendered using the tilde form.
As <http:// www.tlg. uci.edu/ ~opoudjis/ unicode/ gkdiacritics. html#circ> helpfully lists, both the tilde style and the inverted breve style are widely used. The inverted breve style might be less common, but many design choices in the Ubuntu font are relatively uncommon.