Unexpected behavior byte-compiling (with-no-warnings (require...))

[Juanma Barranquero]

  ;; test.el
  (progn (require 'cl))

  (defun test1 (args)
    (destructuring-bind (one . two) args
      two))
  ;; end

Byte-compiling test.el gives this output:

  In toplevel form:
  test.el:2:1:Warning: cl package required at runtime
  Wrote c:/tmp/test.elc

Changing the require line to:

  (with-no-warnings (require 'cl))

the byte-compilation output is this:

  In toplevel form:
  test.el:4:15:Error: Wrong type argument: sequencep, two

Yes, I know that (progn (require ...)) does not make much sense; I
just did it to check that it works just as fine as a simple

  (require 'cl)

It does. However, with-no-warning does not.

Is there something obvious that I'm missing?

    Juanma