minor feedback - instead of while(true) you could do this

while(!node.equals(node.next)) {
  ...
}
return next;

2 suggestions

• Specify the size of the ArrayList in its constructor
• Inspired by some of the JS solutions, there's this idea using StringBuilder

   public String[] rotate(final String text) {
      final int len = text.length();
      final List<String> rotations = new ArrayList<>(len);
      final StringBuilder lastRotation = new StringBuilder(text);
      for (int i = 0; i < len; i++) {
         lastRotation.append(lastRotation.charAt(0)).deleteCharAt(0);
         rotations.add(lastRotation.toString());
      }
      return rotations.toArray(new String[len]);
   }

I'll bite - does it really matter that much in this case? lastRotation and i are both hoisted to function scope so I guess you could access it ahead of time - is that the concern?