Bloomberg面经准备: Josephus problem

Given a circular single linked list.Write a program that deletes every kth node until only one node is left.
After kth node is deleted, start the procedure from (k+1)th node.
e.g.list is 1->2->3->4->5->1
k=3
1. You are at 1, delete 3.
List is: 1->2->4->5->1
2. You are at 4, delete 1
List is: 2->4->5->2
3. You are at 2,delete 5
List is: 2->4->2
4. You are at 2, delete 2
List is: 4
Return 4. 

How efficient you can do it?