Nice site! That example circuit is called a resonant circuit and the oscillation that is seen after the power supply is removed happens because both the capacitor (C) and the inductor (or coil, L) store energy—in electric and magnetic fields, respectively—and start feeding each other.
set the 100 ohm resistor to 1 ohm
set the 15uF cap to 15pF
close the switch, open it again - check out the spark (or rather the stupidly high voltage)