Abstract for "Inertial particles driven by a telegraph noise": The spontaneous formation of clusters of particles suspended in chaotic flows may originate from two different physical processes: compressibility of the fluid flow and particle inertia. In the first case particles are trapped in regions of ongoing compression, while in the second case inertia causes their ejection from vortical regions. The interplay of these two mechanisms may lead to unexpected consequences. In particular, in compressible flows, where fluid trajectories coalesce, large enough inertia can induce a transition from the strong clustering regime into a week clustering one, where particle trajectories remains chaotic. We present a model for the Lagrangian dynamics of inertial particles in a compressible flow, where fluid velocity gradients are modelled by a telegraph noise. The model allows for an analytic investigation of the role of time correlation of the flow in the aggregation--disorder transition of inertial particles. The dependence on Stokes and Kubo numbers of the Lyapunov exponent of particle trajectories reveals the presence of a region in parameter space where the leading Lyapunov exponent changes sign, thus signaling the transition.