Set the tooling parameters on your CNC lathe controller. This is the control panel that allows the lathe to move across the material. Program the interface to spin along the material.
Set the maximum revolutions per minute (RPMs) on the interface for the material that you are cutting. Certain materials will break under too many RPMs. For instance, faster speeds are needed for aluminum than steel. Incorporate the proper amount of RPMs on the interface for the material you are using.
Program the turn process for the outside of the material. This will create a smooth surface for the material. Use a roughing bit to make two passes at the surface of the material to smooth out the material.
Program the undercut into your controller. Program the cut-off command to cut the end of the material off. This will allow you to make two pieces with the undercut.
Depending on how many pieces you need, this may not be necessary. Turn on the lathe and queue up the process.