This paper considers damped rotational oscillations about the vertical axis of a cylindrical permanent magnet that is horizontally suspended by a vertical inelastic thread. The damping of the oscillations is caused by eddy currents induced in aluminum foil that is placed horizontally below the magnet. A simplified mathematical model of the damped oscillations is proposed and verified by experiment qualitatively and quantitatively. It is shown that the relative energy loss during one oscillation depends linearly on the number of layers of aluminum foil and on the oscillation period. To measure the relative changes of the oscillation amplitude, a magnetic field sensor and data collection interface are used.