My guess is that the basic folding procedure is the same (ie a series of reverse folds), but with different angles. For the square bellows, the reverse folds are at 45 degrees, but for octagonal ones, you'll want the reverse folds to be at 22.5 degrees (as measured from the pleat lines).
Here's a rough crease pattern (blue = valley, red = mountain, or the other way around, if you prefer). I haven't tested it yet, so you might need to tweak the distances to get what you want:
[img]
http://img240.imageshack.us/img240/3351/bellows5zs.gif[/img]
You'll need around 8 repeating units to get the full octagon.