Let us consider a symmetric top, i.e., a body whose mass distribution has axial symmetry (a cylinder, a disk, a cone, etc) free of any external torque. The Euler equations for this body are $$I_1\dot\omega_1-(I_1-I_3)\omega_2\omega_3=0,$$ $$I_1\dot\omega_2-(I_3-I_1)\omega_1\omega_3=0,$$ $$I_3\dot\omega_3=0,$$ where $I_i$ are the inertia principal moments (moments of inertia along the principal axes) and due to the axial symmetry $I_1=I_2$. The components of the angular velocity $\vec \omega$ are given along the principal axes.
The third equation gives $$\omega_3=s,$$ where $s$ (spin) is constant. The first two equations can be combined into simple harmonic oscillator equations and the solution is $$\omega_1=A\cos(\Omega t+\delta),\quad \omega_2=A\sin(\Omega t+\delta),\quad \Omega=\frac{I_3-I_1}{I_1}s.$$
In the body frame (principal axes) this means that the angular velocity vector has constant projection on the principal axis $\rho_3$ but its projection on the plane $\rho_1\rho_2$ rotates with angular velocity $\Omega$. This can be viewed as a precession of $\vec\omega$ around the symmetry axis of the body. The angular momentum is $\vec L=I\vec\omega$, so $$\vec L=I_1A\cos(\Omega t+\delta)\hat\rho_1+I_2A\sin(\Omega t+\delta)\hat\rho_2+I_3s\hat\rho_3,$$ Hence it lies in the same plane as $\hat\rho_1$ and $\omega$ and shows the same precession as the latter.
In the inertial frame we see the symmetry axis and $\vec\omega$ are precessioning with frequency $\Omega$ around $\vec L$. To me it is this precession that is seen as a wobbling (see this at 5:26).
If we consider a homogeneous disk, $I_3=2I_1$ so $\Omega=s$. However the classic result is a wobbling of frequency $2s$. The experimental demonstration can be viewed here at 0:50. This result can be obtained by writing the angular velocity components in terms of Euler angles and then solving for $\dot\alpha$. Looking at the Euler angles it seems in fact that the revolution of the line of nodes (denoted by N in the figure bellow) corresponds to the wobbling and both periods should be equal.
So my question is: Why does not the precession rate of the angular velocity vector give exactly the frequency of wobbling? In other words, how come the precession of $\vec\omega$ is different to the line of nodes rotation.