By adapting the Föppl-von Kàrmàn equation, which describes the deformation of a thin elastic membrane, we present an analysis of the buckling pattern of a thin, very viscous fluid layer subject to shear in an axisymmetric geometry. A linear stability analysis yields a differential eigenvalue problem, whose solution, obtained using spectral techniques, yields the most unstable azimuthal wave-number, m⋆. Contrary to the discussion of Slim et al. [J. Fluid Mech. 694, 5–28 (2012)]10.1017/jfm.2011.437, it is argued that the axisymmetric problem shares the same degeneracy as its rectilinear counterpart, i.e., at the onset of instability, m⋆ is indefinitely large. Away from this point, however, a comparison with analogue experimental results is both possible and generally favorable. In this vein, we describe the laboratory apparatus used to make new measurements of m⋆, the phase speed and the wave amplitude; note that no prediction concerning the latter two quantities can be made using the present theory. Experiments reveal a limited range of angular velocities wherein waves of either small or large amplitude may be excited. Transition from one to the other regime does not appear to be associated with a notable change in m⋆.