We use a continuous wavelet transform to analyze more than two decades of d
ata for the BL Lac object OJ 287 acquired as part of the University of Mich
igan Radio Astronomy Observatory (UMRAO) variability program. We find clear
evidence for a persistent modulation of the total flux and polarization wi
th period similar to 1.66 yr and for another signal that dominates activity
in the 1980s with period similar to 1.12 yr. The relationship between thes
e two variations can be understood in terms of a "shock-in-jet" model, in w
hich the longer timescale periodicity is associated with an otherwise quies
cent jet and the shorter timescale activity is associated with the passage
of a shock. The different periodicities of these two components may reflect
different internal conditions of the two how domains leading to different
wave speeds or different contractions of a single underlying periodicity du
e to the different Doppler factors of the two flow components. We suggest t
hat the modulation arises from a wave driven by some asymmetric disturbance
close to the central engine. The periodic behavior in polarization exhibit
s excursions in U that correspond to a direction similar to 45 degrees from
the VLBI jet axis. This behavior is not explained by the random walk in th
e Q-U plane that is expected from models in which a pattern of randomly ali
gned magnetic field elements propagate across the visible portion of the fl
ow and suggests a small amplitude, cyclic variation in the flow direction i
n that part of the flow that dominates centimeter wavelength emission.