You built a basic lathe. =)
Rotating workpiece, with an external cutter.
A drill press is another method to make an improvised lathe. Run a bolt through a center hole in the workpiece with a nut to lock the piece to the bolt, and then chuck the bolt in your drill press. Clamp a cutter in a vise located for the correct diameter, and use the handwheel on your drill press to feed the part past the cutter.
Drill press bearings aren't designed for side thrusts of cutting like this, so be sure you take very small cuts. It's not the most efficient way of turning a diameter, but it will work.
The origins of lathes are believed to have began by suspending a workpiece between two trees, so that it could spin. A small sapling tree located nearby would have a rope tied to it, and the workpiece would have a wrap or two of the rope around it. The sapling would be bent over, and when released it would spin the workpiece. A small sapling is sometimes called a lath, which is how the name lathe is believed to have originated. (Perhaps a flexible lath board was used instead of a sapling too.)