We report on theoretical and experimental studies describing the buoyancy-driven ascent of a Taylor long drop in a circular vertical pipe where the descending fluid is Newtonian, and the ascending fluid is non-Newtonian yield shear thinning and described by the three-parameter Herschel–Bulkley model, including the Ostwald–de Waele model as a special case for zero yield. Results for the Ellis model are included to provide a more realistic description of purely shear-thinning behaviour. In all cases, lubrication theory allows us to obtain the velocity profiles and the corresponding integral variables in closed form, for lock-exchange flow with a zero net flow rate. The energy balance allows us to derive the asymptotic radius of the inner current, corresponding to a stable node of the differential equation describing the time evolution of the core radius. We carried out a series of experiments measuring the rheological properties of the fluids, the speed and the radius of the ascending long drop. For some tests, we measured the velocity profile with the ultrasound velocimetry technique. The measured radius of the ascending current compares fairly well with the asymptotic radius as derived through the energy balance, and the measured ascent speed shows a good agreement with the theoretical model. The measured velocity profiles also agree with their theoretical counterparts. We have also developed dynamic similarity conditions to establish whether laboratory physical models, limited by the availability of real fluids with defined rheological characteristics, can be representative of real phenomena on a large scale, such as exchanges in volcanic conduits. Appendix B contains scaling rules for the approximated dynamic similarity of the physical process analysed; these rules serve as a guide for the design of experiments reproducing real phenomena.