How does oscillation of reactive power take place between source and load?
The power is reactive in inductor as we know but how will oscillation
  of reactive power will take place between the inductor and the source?


Following on from your previous question, I have taken the picture and reduced it to focus on the relationship between voltage and current for a resistor (top) and a pure inductor (bottom): -



In the top diagram the power waveform (red) is wholly positive i.e. it never drops below the "zero" line (black). This means that power is never returned to the source i.e. it is all converted to heat.

In the lower diagram, current (blue) lags voltage (magenta) by 90 degrees and, the resulting power waveform (red) straddles the zero line perfectly. This means that power is put into the inductor during the time when current magnitude is rising and then, when current magnitude is falling, power is taken back (power is negative). Average power is zero.