You may also be interested in the spot package, which applies TikZ node options to text without disturbing the spacing. It was written to highlight words in Beamer slides, but it also works in the article class.
\documentclass{article}
\usepackage{spot}
\begin{document}
\newcommand*\crc[1]{%
\spot[fill=none,draw=red,path fading=none,inner sep=0pt,dashed,circle]{#1}}
\begin{tabular}{|c|c|c|}
\hline
ts2 & y / Y & n / N \\
nu3 & n / \crc{N} & n / N \\ \hline
\end{tabular}
\begin{tabular}{|c|c|c|}
\hline
ts2 & y / Y & n / N \\
nu3 & n / N & n / N \\ \hline
\end{tabular}
\dospots
\end{document}
The inner workings of spot take care of the overlay option, matching up the baseline, etc. automatically. The chief downside is that in certain circumstances (such as this one, inside a tabular environment when not using Beamer) you sometimes have to manually issue a \dospots command later on the page. The advantages are that you don't need to remember the code about baselines and overlays yourself, you can use any node options including fills, you can name the node for using in a later TikZ overlay, and the circle or other decoration will not be covered up by later text. Here's an illustration:
\documentclass{article}
\usepackage{spot}
\begin{document}
\newcommand*\circleit[1]{%
\begin{tikzpicture}[baseline=(C.base)]
\node[inner sep=0pt](C) {\phantom{#1}};
\node[draw=red,fill=yellow,circle,minimum size=0.4cm,overlay]at (C.center) {{#1}};
\end{tikzpicture}}
\newcommand*\circlespot[1]{\spot[draw=red,fill=yellow,path fading=none,minimum size=0.4cm,circle]{#1}}
ABC\circleit{DEF}GHI
\qquad
ABC\circlespot{DEF}GHI
\bigskip
ABC\spot(mynode){DEF}GHI
\begin{tikzpicture}[overlay, remember picture]
\draw[<-] (mynode) -- ++(1,-0.5) node[anchor=west] {Here is my node.};
\end{tikzpicture}
\end{document}

If you look carefully, you'll see that the code \circleit leaves the G overlapping both the yellow fill and the red drawn circle, whereas the spot version typesets the DEF, circle, and fill above both the preceding C and the following G. The third instance shows both the default values of spot (intended for highlighting words in Beamer presentations) and its ability to name the node for later use.
All this is probably overkill for your scenario, though.