When studying the dynamics of Vertical-Cavity Surface-Emitting Lasers, and their polarization properties, the spin-flip model appears to be the simplest model qualitatively reproducing all dynamical features that have been observed experimentally. Nonetheless, because of the fast time-scale of the spin-relaxation processes, the specific role and the importance of the spin-population difference -which is one of the specific feature of the spin-flip model -has been continuously questioned. In fact, the debate regarding the possible adiabatic elimination of the spin-population remains fully open.In this paper, our goal is to bring new light into this issue by demonstrating that this variable is essential to preserve the most complex dynamical features predicted by the spin-flip model, such as polarization chaos, and, therefore, needs to be conserved. To do so, we first perform a detailed analysis, focusing on the chaotic dynamics, to determine the minimal embedding dimension for the spin-flip model. As the latter confirms that a reduction of the model could be envisaged, we then consider the adiabatic elimination of the spin-population difference to highlight and explain its failure to reproduce essential dynamical features obtained in the original model.