We report that low frequency (up to 200 kHz) noise spectra of magnetic tunnel junctions with areas 10 −10 cm 2 at 10 Kelvin deviate significantly from the typical 1/f behavior found in large area junctions at room temperature. In most cases, a Lorentzian-like shape with characteristic time between 0.1 and 10 ms is observed, which indicates only a small number of fluctuators contribute to the measured noise. By investigating the dependence of noise on both the magnitude and orientation of an applied magnetic field, we find that magnetization fluctuations in both free and reference layers are the main sources of noise in these devices. At small fields, where the noise from the free layer is dominant, a linear relation between the measured noise and angular magnetoresistance susceptibility can be established.