In this study, we propose a new way of optimising the formulation of ferrofluids for oil-spill clean-up processes, based on the rheological behaviour under extensional flow and magnetic fields. Different commercial ferrofluids (FFs), consisting of a set of six ferrofluids with different magnetic saturation and particle concentration, were characterised in a Capillary Break-Up Extensional Rheometer (CaBER) equipped with two magnetorheological cells that allow imposing a homogeneous and tunable magnetic field either parallel or perpendicular to the flow direction. The filament thinning process with different intensities and orientation of the magnetic field with respect to the flow direction was analysed, and the results showed that the perpendicular configuration did not have a significant effect on the behaviour of the ferrofluids, as in shear magnetorheometry. However, the parallel configuration allowed to determine that the formulation of ferrofluids for oil-spill cleaning processes should consist of a 4% vol concentration of magnetic nanoparticles with a magnetic saturation of M s > 20 mT.