We report one of the first observations of low-frequency noise of NiFe
/Cu spin-valves. Although the observed noise is very low irt compariso
n to multilayer systems, if is; typically concentrated in the linear r
esponse region where such devices are expected to operate. Increased n
oise is also associated viith Barkhausen jumps in the magnetoresistanc
e trace. In devices one micrometer high, structures start to appear in
the noise spectra as a perturbation to the simple 1/f-like noise obse
rved in larger devices.