Anomalous magnetic properties of 7nm single-crystal Co3O4 nanowires J. Appl. Phys. 111, 013910 (2012) High field-gradient dysprosium tips for magnetic resonance force microscopy Appl. Phys. Lett. 100, 013102 (2012) Dipolar interactions in magnetic nanowire aggregates J. Appl. Phys. 110, 123924 (2011) Dielectric and spin relaxation behaviour in DyFeO3 nanocrystals J. Appl. Phys. 110, 124301 (2011) Finite size versus surface effects on magnetic properties of antiferromagnetic particles Appl. Phys. Lett. 99, 232507 (2011) Additional information on J. Appl. Phys. We report micromagnetic simulations of magnetization dynamics of a vortex state in the free layer of a circular nanopillar excited by the spin transfer torque effect of a perpendicular to the layer ͑dot͒ plane spin-polarized electrical current. The magnetization of the reference layer ͑polarizer͒ is assumed to be fixed. A new regime of the dynamic magnetization response to the current is reported: vortex expelling from the dot, subsequent in-plane magnetization oscillations in single domain state, and the vortex return with an opposite core polarization. We analyze conditions ͑limits of the vortex state as a nano-oscillator͒ to achieve steady magnetization oscillations corresponding to a gyrotropic motion of the vortex core in terms of the current intensity. These conditions are formulated via the critical currents and vary greatly with the magnetic damping parameter and the cell size used for micromagnetic simulations. The existing experiments on the current induced magnetization dynamics in nanopillars and nanocontacts are discussed.