We use the (M, n) phase diagram recently introduced in hep-th/03091 16 to investigate the phase structure of black holes and strings on cylinders. We first prove that any static neutral black object on a cylinder can be put into an ansatz for the metric originally proposed in hep-th/0204047, generalizing a result of Wiseman. Using the ansatz, we then show that all branches of solutions obey the first law of thermodynamics and that any solution has an infinite number of copies. The consequences of these two results are analyzed. Based on the new insights and the known branches of solutions, we finally present an extensive discussion of the possible scenarios for the Gregory-Laflamme instability and the black hole/string transition. (C) 2004 Elsevier B.V. All rights reserved.