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A real spin-charge separation scheme is found based on a saddle-point stateof the $t-J$ model. In the one-dimensional (1D) case, such a saddle-pointreproduces the correct asymptotic correlations at the strong-couplingfixed-point of the model. In the two-dimensional (2D) case, the transversegauge field confining spinon and holon is shown to be gapped at {\em finitedoping} so that a spin-charge deconfinement is obtained for its first time in2D. The gap in the gauge fluctuation disappears at half-filling limit, where along-range antiferromagnetic order is recovered at zero temperature and spinonsbecome confined. The most interesting features of spin dynamics and transportare exhibited at finite doping where exotic {\em residual} couplings betweenspin and charge degrees of freedom lead to systematic anomalies with regard toa Fermi-liquid system. In spin dynamics, a commensurate antiferromagneticfluctuation with a small, doping-dependent energy scale is found, which ischaracterized in momentum space by a Gaussian peak at ($\pi/a$, $ \pi/a$) witha doping-dependent width ($\propto \sqrt{\delta}$, $\delta$ is the dopingconcentration). This commensurate magnetic fluctuation contributes anon-Korringa behavior for the NMR spin-lattice relaxation rate. There alsoexits a characteristic temperature scale below which a pseudogap behaviorappears in the spin dynamics. Furthermore, an incommensurate magneticfluctuation is also obtained at a {\em finite} energy regime. In transport, astrong short-range phase interference leads to an effective holon Lagrangianwhich can give rise to a series of interesting phenomena including linear-$T$resistivity and $T^2$ Hall-angle. We discuss the striking similarities of thesetheoretical features with those found in the high-$T_c$ cuprates and give aComment: 70 pages, RevTex, hard copies of 7 figures available upon request;  minor revisions in the text and references have been made; To be published in  July 1 issue of Phys. Rev. B52, (1995

Spin-charge separation in thet-Jmodel: Magnetic and transport anomalies