Axial magnetohydrodynamic (MHD) flows for Oldroyd-B fluid are investigated between two cylinders. The motion of the fluid is produced by the two oscillating cylinders. The fractional calculus approach is introduced to establish the constitutive relationship of a viscolastic fluid. Velocity field and shear stress of the motion are determined in terms of Bessel function and generalized Mittag-Leffler function by using Laplace transform and Hankel transform. The influence of pertinent parameters on the flows is delineated and appropriate conclusions are drawn.