There has been considerable interest in recent years in field-responsive suspensions, which are of some importance in industry in many different applications. The microstructure of these materials is a significant issue which can be probed by rheological measurements. In this study, measurements were made of a magnetorheological fluid (MRF) under steady and oscillatory shear flow, with and without a magnetic field. Mathematical inversion was used to derive the relaxation time spectrum of the MRF from oscillatory shear data. Experimental evidence is presented of the gel-like properties of this MRF.