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We describe a new approach to understanding and calculating magnetization switching rates and noise in the recently observed phenomenon of "spin-torque switching". In this phenomenon, which has possible applications to information storage, a large current passing from a pinned ferromagnetic (FM) layer to a free FM layer switches the free layer. Our main result is that the spin-torque effect increases the Arrhenius factor $\exp(-E/kT)$ in the switching rate, not by lowering the barrier $E$, but by raising the effective spin temperature $T$. To calculate this effect quantitatively, we extend Kramers' 1940 treatment of reaction rates, deriving and solving a Fokker-Planck equation for the energy distribution including a current-induced spin torque of the Slonczewski type. This method can be used to calculate slow switching rates without long-time simulations; in this Letter we calculate rates for telegraph noise that are in good qualitative agreement with recent experiments. The method also allows the calculation of current-induced magnetic noise in CPP (current perpendicular to plane) spin valve read heads.Comment: 11 pages, 8 figures, 1 appendix Original version in Nature format, replaced by Phys. Rev. Letters format. No substantive change

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We model "soft" error rates for writing (WSER) and for reading (RSER) for perpendicular spintorque memory devices by solving the Fokker-Planck equation for the probability distribution of the angle that the free layer magnetization makes with the normal to the plane of the film. We obtain: (1) an exact, closed form, analytical expression for the zero-temperature switching time as a function of initial angle; (2) an approximate analytical expression for the exponential decay of the WSER as a function of the time the current is applied; (3) comparison of the approximate analytical expression for the WSER to numerical solutions of the Fokker-Planck equation; (4) an approximate analytical expression for the linear increase in RSER with current applied for reading; (5) comparison of the approximate analytical formula for the RSER to the numerical solution of the Fokker-Planck equation; and (6) confirmation of the accuracy of the Fokker-Planck solutions by comparison with results of direct simulation using the single-macrospin Landau-Lifshitz-Gilbert (LLG) equations with a random fluctuating field in the short-time regime for which the latter is practical.