We report free-space detection of magnetic pulses via the Faraday effect wi
th shot-noise limited detection. This allows a 10(-8) T / root Hz magnetic
field resolution. The orthogonal propagation of the optical probe beam and
the THz waves demonstrate a 1.3 ps risetime with a 400 GHz frequency bandwi
dth. The temporal and frequency responses of several crystals are reported
with a theoretical response function analysis presented. The dispersion of
the magnetic pulse into the sensor crystal is illustrated with a theoretica
l simulation for comparison. We also contrast the properties of electro-opt
ic sampling with this magneto-optic sampling technique.