The magnitudes of the electric field and the circulation of the magnetic fields should be 90 degrees out of phase of each other as the photon travels along its path, like in this picture:
In a photon, the electric field vectors are always orthogonal to the magnetic field vectors (actually, picture some concentric loops of circulating arrows and then picture some loops looping around those loops).
A light wave, in classical physics, works like a superconducting LC Circuit (RLC without the resistance), minus the charge flow.
Update: Maxwell's Equations do not apply to the photon traveling the speed of light in a vacuum due to einstien's special relativity preventing time and thus a time derivative of electrical fields from passing relative to an observer. Rather, it is when a photon enters an change an index of refraction greater than that of a vacuum (which is to say the magnetic permeability and dielectrical permittivity are different from free space)
The following demonstrates how a photon really behaves according to quantum theory. Note that all photons have either a positive or a negative spin and that it doesn't change direction due to relativity, the photon frequency it seems is actually a way of describing it's resonant frequency upon impacting with another wave or particle: