In this drawing with the neutral connected between R1 and R2 that is not a 208v circuit. It is 2 120v circuits. If the neutral is not in the circuit then it is a 208v circuit. In single phase 120/208v system there is no neutral. The neutral is only required for the 120v.
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By the way it is a 120/208v system. 240v systems are 3 phase power. In the USA.
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