PROBLEM RESOLVED.
Hi all and many thanks for coming back to me, problem resolved.
The solution was definitely covered in your replys.
It was a combination of a relatively blunt tool, use of neat cut oil and too fast a feed speed.
I ground a new tool and made sure it had no top rake on it. The neatcut was aggrivating the problem, causing the tool to sip on the work, pushing the metal ahead of it. Once the wave had built up in height it would dig in and cut, this would reduce the wave height, the tool would once again then slip pushing the metal before it until the wave was so big the tool would once again dig in, slip, push, cut, slip, push, cut etc etc
A really sharp tool with no top rake, no cutting oil and a slow but steady feed speed and I am getting a mirror finish. BTW my spindle speed was 1340, as fast as my lathe will go.
Many thanks
Vincent