The main issue is that when objects spin really, really fast, they tend to explode due to centrifugal force.

The tensile stress on a spinning round, homogeneous object is p * r^2 * w^2, where p is density, r is radius, and w is angular velocity. Using your numbers for a steel cylinder with density 8 g/cm^3 gives a tensile stress of (8 g/cm^3) * (5 mm)^2 * (2pi*1 MHz)^2 = about 8 TPa which vastly exceeds the tensile strength of steel or any other known material. Using cows connected by ropes would be even worse because the enormous centrifugal force would be borne by only a small rope.