We study the axisymmetric, viscous Cauchy-Poisson wave problem extending the one fluid (free-surface) study earlier by J. Miles [Miles, J. W. , J. Fluid Mech, 34,2, (1968)]. The analytical solution to the linearised initial value problem shows good agreement with DNS data. The normal mode approximation is quite accurate at lower viscosity ratios but displays deviations from DNS at larger values. The large amplitude nonlinear regime leads to jetting and droplet formation [Farsoiya. et al., J. Fluid Mech, 826, (2017)] and a clear energy transfer across modes is observed.