Nonlinear axisymmetric cylindrical plasma oscillations in magnetized collisionless plasmas are a model for the electron fluid collapse on the axis behind an ultrashort relativisically intense laser pulse exciting a plasma wake wave. We present an analytical description of the strongly nonlinear oscillations showing that the magnetic field prevents closing of the cavity formed behind the laser pulse. This effect is demonstrated with 3D PIC simulations of the laser-plasma interaction. An analysis of the betatron oscillations of fast electrons in the presence of the magnetic field reveals a characteristic Four-Ray Star pattern which has been observed in the image of the electron bunch in experiments [T. Hosokai, et al., Phys. Rev. Lett. 97, 075004 (2006)].