The paper deals with the Neumann spectral problem for a singularly perturbed second order elliptic operator with bounded lower order terms. The main goal is to provide a refined description of the limit behaviour of the principal eigenvalue and eigenfunction. Using the logarithmic transformation we reduce the studied problem to additive eigenvalue problem for a singularly perturbed Hamilton-Jacobi equation. Then assuming that the Aubry set of the Hamiltonian consists of a finite number of points or limit cycles situated in the domain or on its boundary, we find the limit of the eigenvalue and formulate the selection criterium that allows us to choose a solution of the limit Hamilton-Jacobi equation which gives the logarithmic asymptotics of the principal eigenfunction.

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