The dynamics of the magnetic order parameters of ferromagnet/normal-metal/ferromagnet spin valves and isolated ferromagnets may be very different. We investigate the role of the nonequilibrium spin-current exchange between the ferromagnets in the magnetization precession and switching. We find a (low-temperature) critical current bias for a coherent current-induced magnetization excitation in spin valves, which unifies and generalizes previous ideas of Slonczewski and Berger. In the absence of an applied bias, the effect of the spin transfer can be expressed as magnetic--configuration-dependent Gilbert damping.
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