We present a theoretical description of the dynamics of vibrational wave packets in the
1g state of Xe2. As an illustration, a simulation of a picosecond pump excitation-probe
ionization laser experiment is carried out. The initial wavepacket is calculated using an
explicit modelling of the short-pulse excitation process and propagated for up to
160 picoseconds. Evidence of fractional and full revivals of the wavepacket has been
found and analyzed. The time delayed ionization signal is simulated using first order
perturbation theory and shows clear oscillations corresponding to the temporal
development of the wavepacket.