Basta selecionar "Raw" no campo "Connection type" e funcionará bem.
Da documentação do PuTTY:
A lot of Internet protocols are composed of commands and responses in plain text. For example, SMTP (the protocol used to transfer e-mail), NNTP (the protocol used to transfer Usenet news), and HTTP (the protocol used to serve Web pages) all consist of commands in readable plain text.
Sometimes it can be useful to connect directly to one of these services and speak the protocol ‘by hand’, by typing protocol commands and watching the responses. On Unix machines, you can do this using the system's telnet command to connect to the right port number. For example, telnet mailserver.example.com 25 might enable you to talk directly to the SMTP service running on a mail server.
Although the Unix telnet program provides this functionality, the protocol being used is not really Telnet. Really there is no actual protocol at all; the bytes sent down the connection are exactly the ones you type, and the bytes shown on the screen are exactly the ones sent by the server. Unix telnet will attempt to detect or guess whether the service it is talking to is a real Telnet service or not; PuTTY prefers to be told for certain.
In order to make a debugging connection to a service of this type, you simply select the fourth protocol name, ‘Raw’, from the ‘Protocol’ buttons in the ‘Session’ configuration panel.