The faucet exit velocity may be assumed to be of the form of
Poisseuille flow:
Take the faucet exit as the entrance of your control volume. Take
as exit to your control volume a slighly lower plane at which the
radius of the jet has stabilized to and the flow velocity has
become uniform (independent of r). For a uniform flow velocity
there are no viscous stresses. Gravity can be ignored compared to
the high viscous forces in this very viscous fluid. (However, over
a longer distance gravity will lead to a further thinning of the
jet.) And you can assume that the pressure at the exit is already
atmospheric, as it definitely is in the lower plane below.