A local dynamical evolution equation for a two-spinor photon wave function is established. The vectorial spinor components are those of the two helicity components AT,+/-(+) of the analytical part of the gauge invariant transverse vector potential. The theory's Hamilton operator is spatially local and without singularities. Thereby previously established field-based formulations leading to various nonlocal integro-differential equations for the dynamical evolution of the photon wave function are simplified. The dynamical evolution equations for the spinor components can be written in the compact form F +/-(+)(r,t)=0, where F +/-(+)(r,t) are the analytical Riemann-Silberstein-Oppenheimer-Bialynicki vectors. The theory after extension to the QED level, allows one to describe the dynamical time evolution of single-photon wave packets. The bridge between the wave mechanical and the QED formulations is an operationally suitable mean position state |R >(r,t) for a transverse photon in Hilbert space. The inner product < R(r,t)> R(r,t) relates to our inability to localize a photon in space. The normalization condition for the two-spinor wave packet is established. A dynamical evolution equation describing the photon-source entanglement is established starting from the Heisenberg equation of motion for the annihilation operators associated to the two helicity species. We show how each released photon is labelled by the transverse current density operator dynamics of the charged source particles. The basic theory is applied to a study of single-photon emission from a rectlinear magnetic dipole tube (string) carrying a rotationally symmetric surface current. Numerical results are obtained for photon wave train emission. The transition from the photon wave mechanical formulation to the magnetostatic Aharonov-Bohm vector potential field is established. The generality of the AT,+/-(+)-thoery is underlined linking it to the Minimal Coupling Principle, magnetic monopole electrodynamics, spatial photon localization, the perfect low-temperature diamagnetism of BCS superconductors and to single-photon correlation studies.