from_pydata a wave wrapping around a circle

import bpy
import math
from math import sin, radians, pi
from mathutils import Vector, Euler

# variables 
z_float = 0.0
amp = 0.1
profile_radius = 1.0
n_petals = 14
n_verts = n_petals * 12
section_angle = 360.0 / n_verts
position = (2*(math.pi/(n_verts/n_petals)))

# consumables
Verts = []
Edges = []

# makes vertex coordinates
for i in range(n_verts):
    # difference is a function of the position on the circumference
    difference = amp * math.cos(i*position)
    arm = profile_radius + difference
    ampline = Vector((arm, 0.0, 0.0))

    rad_angle = math.radians(section_angle*i)
    myEuler = Euler((0.0, 0.0, rad_angle),'XYZ')

    # changes the vector in place and because successive calls are accumulative 
    # we reset at the start of the loop.
    ampline.rotate(myEuler)
    x_float = ampline.x
    y_float = ampline.y
    Verts.append((x_float, y_float, z_float))

# makes edge keys
for i in range(n_verts):
    if i == n_verts-1:
        Edges.append([i, 0])
        break
    Edges.append([i, i+1])

# turns mesh into object and adds object to scene
profile_mesh = bpy.data.meshes.new("Base_Profile_Data")
profile_mesh.from_pydata(Verts, Edges, [])
profile_mesh.update()

profile_object = bpy.data.objects.new("Base_Profile", profile_mesh)
profile_object.data = profile_mesh

scene = bpy.context.scene
scene.objects.link(profile_object)
profile_object.select = True

if you add this:

difference = amp * math.cos(i*position)
    if difference > 0:
        difference = difference * .2