We consider the motion of an axisymmetric column of Navier-Stokes fluid with
a free surface. Due to surface tension, the thickness of the fluid neck goes to
zero in finite time. After the singularity, the fluid consists of two halves,
which constitute a unique continuation of the Navier-Stokes equation through
the singular point. We calculate the asymptotic solutions of the Navier-Stokes
equation, both before and after the singularity. The solutions have scaling
form, characterized by universal exponents as well as universal scaling
functions, which we compute without adjustable parameters