We report on the orientation dynamics and aggregation processes of magnetorheological fluids subject to rotating magnetic fields using the technique of scattering dichroism. In the presence of stationary fields we find that the mean length of the field-induced aggregates reaches a saturation value due to finite-size effects. When a rotating field is imposed, we see the chains rotate with the magnetic field frequency (synchronous regime) but with a retarded phase angle for all the rotational frequencies applied. However, two different behaviors are found below or above a critical frequency fc. Within the first regime (low frequency values) the size of the aggregates remains almost constant, while at high frequencies this size becomes shorter due to hydrodynamic drag. Experimental results have been reproduced by a simple model considering a torque balance on the chainlike aggregates.