We have investigated spin dynamics in a two-dimensional quantum gas. Through spin-changing collisions, two clouds with opposite spin orientations are spontaneously created in a Bose-Einstein condensate. After ballistic expansion, both clouds acquire ring-shaped density distributions with superimposed angular density modulations. The density distributions depend on the applied magnetic field and are well explained by a simple Bogoliubov model. We show that the two clouds are anticorrelated in momentum space. The observed momentum correlations pave the way towards the creation of an atom source with nonlocal Einstein-Podolsky-Rosen entanglement.