We perform local stability analysis of the near-wake region of two-dimensional flow past a circular cylinder for Reynolds number in the range Re ∈ [ 10 , 300 ] . The local stability equations that govern the leading-order amplitude of short-wavelength perturbations are solved along closed fluid particle trajectories in the numerically simulated flow-fields for both the steady (Re <= 45) and unsteady vortex-shedding (Re > 45) regimes; the study is further complemented with analysis on time-averaged flows for 50 <= Re <= 300 . For steady and time-averaged flow, the inviscidly most unstable regions occur either at the core or at the edge of the separation bubble, with elliptic instability as the dominant mode for all Re . The effectiveness of viscous damping in eliminating the inviscid instabilities and the validity of the WKBJ approximation in the present context are studied. In the unsteady vortex-shedding regime, two types (I and II) of closed trajectories are identified for all Re and the inviscid growth rates as a function of Re are plotted for both. For type I trajectory, a bifurcation occurs at Re 250 . Potential relevance of our results in understanding the transition from steady flow to vortex-shedding and the subsequent secondary instabilities are discussed.