New optical and radio data on the BL Lacertae object AO 0235+16 have been collected in the last four years by a wide international collaboration, which confirm the intense activity of this source. The optical data also include the results of the Whole Earth Blazar Telescope (WEBT) first-light campaign organized in November 1997. The optical spectrum is observed to basically steepen when the source gets fainter. We have investigated the existence of typical variability time scales and of possible correlations between the optical and radio emissions by means of visual inspection, Discrete Correlation Function analysis, and Discrete Fourier Transform technique. The major radio outbursts are found to repeat quasi-regularly with a periodicity of about 5.7 years; this period is also in agreement with the occurrence of some of the major optical outbursts, but not all of them.