“…We study as example of our method general two-state systems that, despite their simplicity, have many non-trivial applications in problems related to single-molecule spectroscopy (see, e.g. [11,12]) and biophysics (see, e.g., [13,14,15]). Specifically, we calculate the probability of observing a given number of transitions, N , in a time, T , and the distribution of time spent in one of the two states in a time T .…”