We present the theoretical concept of an optical isolator based on resonance splitting in a silicon ring resonator covered with a magneto-optical polymer cladding. For this task, a perturbation method is derived for the modes in the cylindrical coordinate system. A polymer magneto-optical cladding causing a 0.01 amplitude of the off-diagonal element of the dielectric tensor is assumed. It is shown that the derived resonance splitting of the clockwise and counterclockwise modes increases for smaller ring radii. For the ring with a radius of approximately 1.5μm, a 29GHz splitting is demonstrated. An integrated optical isolator with a 10μm geometrical footprint is proposed based on a critically coupled ring resonator.