We analyze the morphology and dynamic behavior of the interface separating a ferrofluid and a nonmagnetic fluid in a Hele-Shaw cell, when crossed radial and azimuthal magnetic fields are applied. In addition to inducing the formation of a variety of eye-catching, complex interfacial structures, the action of the crossed fields makes the deformed ferrofluid droplet to rotate. Numerical simulations and perturbative mode-coupling theory are employed to look into early linear, intermediate weakly nonlinear, and fully nonlinear dynamic regimes of the pattern-forming process. We investigate how the system responds to variations in the viscosity difference between the fluids, the magnetic susceptibility of the ferrofluid, the effects of surface tension, and in the relative strength between radial and azimuthal applied magnetic fields. The role played by random perturbations at the initial conditions in determining the ultimate shape and dynamic stability of the spinning ferrofluid patterns is also studied.