We consider free surface waves propagating on a ferrofluid jet under a radial magnetic field. The waves investigated are axisymmetric solutions of the Euler equations, formulated in cylindrical coordinates, for an incompressible and inviscid ferrofluid flowing irrotationally, which satisfy the generalized Young-Laplace equation with magnetic stresses included and the kinematic condition on the free surface. The main objective of the present study is to solve a basic question on the theoretical side, i.e. the local well-posedness issue. We establish local existence and uniqueness of solutions for the initial value problem in Sobolev spaces, which are achieved based on analyses of the radially symmetric Dirichlet-Neumann operator and energy method. (C) 2019 Elsevier Inc. All rights reserved.