A compute unit with an internal bit FIFO circuit includes at least one data register, a lookup table, a configuration register including FIFO base address, length and read/write mode fields for configuring a portion of the lookup table as a bit FIFO circuit and a read/write pointer register responsive to an instruction having a lookup table identification field, length of bits field and register extract/deposit field for selectively transferring in a single cycle between the FIFO circuit and the data register a bit field of specified length.