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The magnetization reversal and dynamics of a spin valve pillar, whose lateralsize is 64$\times$64 nm$^2$, are studied by using micromagnetic simulation inthe presence of spin transfer torque. Spin torques display both characteristicsof magnetic damping (or anti-damping) and of an effective magnetic field. For asteady-state current, both M-I and M-H hysteresis loops show unique features,including multiple jumps, unusual plateaus and precessional states. Thesestates originate from the competition between the energy dissipation due toGilbert damping and the energy accumulation due to the spin torque supplied bythe spin current. The magnetic energy oscillates as a function of time even fora steady-state current. For a pulsed current, the minimum width and amplitudeof the spin torque for achieving current-driven magnetization reversal arequantitatively determined. The spin torque also shows very interesting thermalactivation that is fundamentally different from an ordinary damping effect.Comment: 15 figure

Magnetization dynamics with a spin-transfer torque