We report on a study of polarization properties of asymmetric, multimode vertical-cavity surface-emitting lasers (VCSEL) subjected to electrical RF modulation. When subjected to RF modulation, complex frequency-dependent polarization properties, especially near the polarization switching point are revealed. We propose a scheme of rapidly switching the two RF frequencies modulating the VCSEL, in order to achieve fast polarization modulation in these VCSEL. Polarization modulation up to 300 MHz by modulating the RF frequency and up to 1.5 GHz with RF power modulation has been demonstrated; the fastest reported electrically controlled polarization modulation for multimode VCSELs.