The spin dynamics in Ni is studied by an exact diagonalization method
on the ultrafast time scale. It is shown that the femtosecond relaxati
on of the magneto-optical response results from exchange interaction a
nd spin-orbit coupling. Each of the two mechanisms affects the relaxat
ion process differently. We find that the intrinsic spin dynamics occu
rs during about 10 fs while extrinsic effects such as laser-pulse dura
tion and spectral width can slow down the observed dynamics considerab
ly. Thus, our theory indicates that there is still room to accelerate
the spin dynamics in experiments.