We investigate the effect of stochastic fluctuations on a flux transport mo
del of the solar cycle based on the Babcock-Leighton mechanism. Specificall
y, we make use of our recent flux transport model (Dikpati & Charbonneau) t
o investigate the consequences of introducing large-amplitude stochastic fl
uctuations in either or both the meridional flow and poloidal source term i
n the model. Solar cycle-like oscillatory behavior persists even for fluctu
ation amplitudes as high as 300%, thus demonstrating the inherent robustnes
s of this class of solar cycle models. We also find that high-amplitude flu
ctuations lead to a spread of cycle amplitude and duration showing a statis
tically significant anticorrelation, comparable to that observed in sunspot
data. This is a feature of the solar cycle that is notoriously difficult t
o reproduce with dynamo models based on mean field electrodynamics and rely
ing only on nonlinearities associated with the back-reaction of the Lorentz
force to produce amplitude modulation. Another noteworthy aspect of our fl
ux transport model is the fact that meridional circulation in the convectiv
e envelope acts as a "clock" regulating the tempo of the solar cycle; short
er-than-average cycles are typically soon followed by longer-than-average c
ycles. In other words, the oscillation exhibits good phase locking, a prope
rty that also characterizes the solar activity cycle. This shows up quite c
learly in our model, but we argue that it is in fact a generic property of
flux transport models based on the Babcock-Leighton mechanism, and relies o
n meridional circulation as the primary magnetic held transport agent.