Yeah, but that starts to get into semantics that not everyone agrees on. What's the OS? What's the GUI? etc...
Since Windows 3.1 on top of DOS allowed some task switching, I think it qualifies on that level..
But I don't believe Win3.1 was close to being under 1M, and I'd like to see a doublsespaced floppy actually hold enough of it to run, including DOS.
I don't want to argue semantics

. Besides, no one in their right mind would choose Windows 3.1 on a machine with less than 1 MB. Windows CE claims to run in 1 MB and would be bad enough. Knowing Windows, they would probably try to swap out to the floppy drive too

.
The AmigaOS could be much smaller if optimized better. I think a 20% overall reduction in code size through optimization and compiling for the 68020+ (several AmigaOS 3.9 components are still 68000 compiled which has significantly worse code density) is possible. Just look at assembler optimized library replacements. Also, some 68k CPU enhancements as I have proposed on the Natami forum (68koolFusion) could reduce the code size another 5-15% I would guess. I think a powerful GUI like Reaction/ClassAct could easily be usable with 1MB ram. Screen sizes and colors would have to be kept to a minimum though. The 1 MB of disk storage would probably be the biggest problem. It's doable with some minor functionality limitations.