Step 1: Find the restoring force.
Suppose the hydrometer is pushed down by a small distance \(x\).
The additional volume of liquid displaced is
\[
\Delta V=A x
\]
where \(A\) is the cross-sectional area of the tube.
Since the radius of the tube is \(r\),
\[
A=\pi r^2
\]
Hence,
\[
\Delta V=\pi r^2x
\]
Step 2: Calculate the additional buoyant force.
Additional buoyant force is equal to the weight of the displaced liquid.
Therefore,
\[
F=\rho g\Delta V
\]
\[
F=\rho g(\pi r^2x)
\]
\[
F=\pi r^2\rho gx
\]
This force acts upward and opposes the displacement. Hence, restoring force is
\[
F=-\pi r^2\rho gx
\]
Step 3: Compare with SHM equation.
For simple harmonic motion, restoring force is
\[
F=-kx
\]
Comparing,
\[
k=\pi r^2\rho g
\]
The time period of SHM is
\[
T=2\pi\sqrt{\frac{m}{k}}
\]
Substituting \(k=\pi r^2\rho g\),
\[
T=2\pi\sqrt{\frac{m}{\pi r^2\rho g}}
\]
Step 4: Final conclusion.
Hence, the time period of oscillation is
\[
\boxed{T=2\pi\sqrt{\frac{m}{\pi r^2\rho g}}}
\]