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We examine magnon and orbiton behavior in localized O$_2$ anti-bondingmolecular $\pi^*$ orbitals using an effective Kugel-Khomskii Hamiltonianderived from a two band Hubbard model with hopping parameters taken from {\emab initio} density functional calculations. The considerable difference betweenintraband and interband hoppings leads to a strong coupling between the spinwave dispersion and the orbital ground state, providing a straightforward wayof experimentally determining the orbital ground state from the measured magnondispersion. The near degeneracy of different orbital ordered states leads tostacking defects which further modulate spin-fluctuation spectra. Proliferationof orbital domains disrupts long-range magnetic order, thus causing asignificant reduction in the observed N\'eel temperature.

Orbital order, stacking defects and spin-fluctuations in the $p$-electron molecular solid RbO$_2$