Does that make sense?
The inductor charges and discharge when the base is closed?
The ringning can occur because of the 1 uf cap. See Reply #18
JP
That ringing might be due to something else. Notice how the voltage at the base is ringing as well. This might be causing the ringing at the collector since the transistor would be quickly switching off and on. The ringing at the base might be due to the probe's capacitance along with some parasitic inductance (the probe's ground lead and other wiring, for example) creating an (unwanted) tank circuit.
You might try using the probe's low inductance ground attachment (the little spring) to see if the circuit behaves differently.