Fast magnetization processes in a microstructured permalloy ring with 80 µm o.d. and 30 nm thickness have been observed by photoemission electron microscopy exploiting x-ray magnetic circular dichroism as the magnetic contrast mechanism. As a high speed probe we employed synchrotron radiation pulses at the ESRF (Grenoble) operated in 16-bunch mode, yielding photon pulses of 105 ps FWHM with a period of 176 ns. Fast magnetic field pulses have been generated by means of current pulses through coplanar waveguides with the magnetic structure being lithographically prepared on their surface. A stroboscopic pump–probe set-up with a variable time delay between the field pulse and photon pulse allowed us to take snapshots of the dynamic response of the magnetic domain structure. We observed coherent magnetization rotation during the leading edge part of the field pulse, the formation of a characteristic domain pattern ('onion state') in the plateau region of the pulse and the fast formation of a striped domain pattern (incoherent magnetization rotation) during the trailing edge part of the field pulse. A numerical simulation confirmed essential features of the stroboscopic image series.