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We show that a spin-polarized dc current passing through a small magnetic element induces two-state, random telegraph switching of the magnetization via the spin-momentum transfer effect. The resistances of the states differ by up to of the change due to complete magnetization reversal. Fluctuations are seen for a wide range of currents and magnetic fields, with rates that can exceed , and involve collective motion of a large volume of spins. Switching rate trends with field and current indicate that increasing temperature alone cannot explain the dynamics. The rates approach a stochastic regime wherein dynamics are governed by both precessional motion and thermal perturbations.
Pufall et al. (2004) studied this question.