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We analyze the fluctuations of the dressed sliver solution found in aprevious paper, hep-th/0311198, in the operator formulation of Vacuum StringField Theory. We derive the tachyon wave function and then analyze the higherlevel fluctuations. We show that the dressing is responsible for implementingthe transversality condition on the massless vector. In order to consistentlydeal with the singular $k=0$ mode we introduce a string midpoint regulator andwe show that it is possible to accommodate all the open string states among thesolutions to the linearized equations of motion. We finally show how thedressing can give rise to the correct ratio between the energy density of thedressed sliver and the brane tension computed via the three-tachyons-coupling.Comment: 52 pages, v2: comment added in sec. 5, v3: one appendix added,  comments added in introduction and conclusion, to appear on PR

Perturbative spectrum of the dressed sliver