An ultrafast time-resolved magneto-optical pump probe is applied to st
udy spin-relaxation processes in a ferromagnetic CoPt3 alloy film. Fol
lowing spin-selective photoexcitation with circularly polarized femtos
econd pulses, transient Kerr ellipticity tracks the evolution of the n
onequilibrium spin system. We isolate two distinct processes: a subpic
osecond component due to the relaxation of coherently spin polarized e
lectrons, and a slower component (similar to 10 psec) associated with
the evolution of the thermalized spin distribution and the photoinduce
d transient magnetization.