Stroboscopic small-angle neutron scattering by using polarized neutrons is presented as a technique for investigations of relaxation phenomena on a nanometer scale. Applying a cyclic perturbation to the sample by an oscillating magnetic field allows the polarization-dependent scattering cross-sections to be extracted as timedependent response. The potential of this special type of "physical" contrast variation technique is demonstrated with three examples of ferrofluids of different particle sizes and viscosities. The dynamics of magnetic moment reorientations turned out to be governed by different time scales. For a temperature-dependent fraction of individual mobile particles, a frequency-dependent phase shift and damping of the intensity modulation have been precisely determined and quantitatively explained using a Debye-like relaxation model. The characteristic relaxation times, τ , in the liquid state of all samples scale with the particle volume and viscosity confirming a Brownian-relaxation mechanism. For the remaining fraction of particles that form locally ordered domains the orientation distribution of the dynamically arrested static moments has been quantified by an order parameter S 1 arr , which is not accessible with nonpolarized neutrons. In a high viscous Co and a magnetite-based ferrofluid, S 1 arr corresponds to maximal alignment of the static moments in the liquid state and to a gradual decrease at lower temperatures when the solvent is frozen. In a low viscosity Co-ferrofluid almost no preferred alignment of the arrested particle moments was observed. In the magnetite-based ferrofluid with the highest dipolar attraction energy an additional phase shift has been detected which increases with frequency and magnitude of the magnetic field. This indicates clearly that the setup of local particle ordering in distorted hexagonal arrangement is delayed with respect to the moment alignment in the time varying magnetic field.