The dynamic magnetic susceptibility, χ(ω), of a model ferrofluid at very low concentration (volume fraction approximately 0.05%), and with a range of dipolar coupling constants (1 ≤ λ ≤ 8), is examined using Brownian dynamics simulations. With increasing λ, the structural motifs in the system change from unclustered particles, through chains, to rings. This gives rise to a nonmonotonic dependence of the static susceptibility χ(0) on λ, and qualitative changes to the frequency spectrum. The behavior of χ(0) is already understood, and the simulation results are compared to an existing theory. The single-particle rotational dynamics are characterized by the Brownian time, τB, which depends on particle size, carrier-liquid viscosity, and temperature. With λ ≤ 5.5, the imaginary part of the spectrum, χ (ω), shows a single peak near ω ∼ τ −1 B , characteristic of single particles. With λ ≥ 5.75, the spectrum is dominated by the low-frequency response of chains. With λ ≥ 7, new features appear at high frequency, which correspond to intracluster motions of dipoles within chains and rings. The peak frequency corresponding to these intracluster motions can be computed accurately using a simple theory.