The answer depends on the physical boundary condition for the velocity field. Since you are using the incompressible Navier-Stokes equations, in contrast to the Euler equations, the condition $\mathbf{u} \cdot \mathbf{n} = 0$ at the cylinder's surface underdetermines the problem. In contrast, a typical boundary condition for viscous flow past a cylinder is $\mathbf{u} = 0$ at the boundary; this is the no-slip condition.
Physically, of course, there is no boundary condition on pressure, but the nature of the projection method requires us to furnish a numerical boundary condition nonetheless. Assuming a no-slip cylinder boundary, the appropriate boundary condition on the pressure update $\phi$ is then
$$\frac{\partial \phi}{\partial \mathbf{n}} = 0.$$
In other words, the pressure update $\phi$ should have a Neumann boundary condition across the cylinder boundary.
To see why this is the case, consider the following. In the projection method, given a value $\mathbf{u}^n$ for the velocity field at time step $n$, we typically solve the Navier-Stokes equations using a lagged pressure term to obtain $\mathbf{u}^*$. We then step forward by projecting out the resulting incompressible part,
$$\mathbf{u}^{n+1} = \mathcal{P}\mathbf{u}^*.$$
Using the Helmholtz decomposition to write $\mathbf{u}^* = \nabla \phi + \mathbf{v}$, where $\mathbf{v}$ is divergence-free, we can rewrite the update as
$$\mathbf{u}^{n+1} = \mathbf{u}^* - \Delta t \nabla \phi^{n+1}.$$
Taking the divergence of both sides and appealing to the Helmholtz decomposition again, we obtain
$$\Delta t \Delta \phi^{n+1} = \nabla \cdot \mathbf{u}^*,$$
which is the equation we solve to determine the pressure correction.
At a no-slip boundary, we can take the dot product of both sides of the velocity update with the boundary normal vector $\mathbf{n}$ to obtain
$$\mathbf{u}^{n+1}\cdot\mathbf{n} = \mathbf{u}^*\cdot\mathbf{n} - \Delta t \mathbf{n}\cdot\nabla \phi.$$
But since $\mathbf{u}^{n+1}$ necessarily obeys the no-slip boundary condition, we have $\mathbf{u}^{n+1} = 0$ at the boundary. Furthermore, since $\mathbf{u}^*$ was obtained by enforcing the no-slip boundary condition, we have that $\mathbf{u}^* = 0$ at the boundary as well. This leaves us with the constraint that, at the boundary,
$$\frac{\partial \phi}{\partial \mathbf{n}} = \Delta t \mathbf{n}\cdot\nabla \phi = 0.$$
For more details, I suggest taking a look at [1]. This paper discusses the projection method in a finite-difference formulation, but the pressure update is handled within a finite element framework, and the analysis should apply to your situation.
[1] A. Almgren, J.B. Bell, and W. Szymczak, A numerical method for the incompressible Navier-Stokes equations based on an approximate projection, SIAM J. Sci. Comput. 17 (1996), pp. 258-369.