This study deals with cationic polymerization of the cis‐ and trans‐isomers of 1,3‐pentadiene. The microstructure of the polymer chains is studied by 1H‐NMR, 13C‐NMR and IR spectroscopies. It is shown that the trans‐diene gives strictly trans‐1,4 and trans‐1,2 residual linear insaturations, whereas the cis‐isomer yields also cis‐1,4, cis‐1,2 and 3,4‐units whose overall content can reach 10 mol‐%. According to the cyclization degree of the macromolecules, ranging from 30 to 70 mol‐%, the number of trans‐(1,2+1,4) units varies between 33 to 65 mol‐% and that of trans‐1,2 units between 4 and 20 mol‐%. An analytical method is proposed to evaluate the average number of rings present in the polycyclic sequences. It is found that the cyclic fragments of the polymer chains consist of bi‐ or tri‐cyclohexane fused rings containing α tetrasubstituted double bond.