It is shown that under appropriate conditions spin-transfer-driven magnetization dynamics in a single-domain nanomagnet is conservative in nature and admits a specific integral of motion, which is reduced to the usual magnetic energy when the spin current goes to zero. The existence of this conservation law is connected to the symmetry properties of the dynamics under simultaneous inversion of magnetisation and time. When one applies an external magnetic field parallel to the spin polarization, the dynamics is transformed from conservative into dissipative. More precisely, it is demonstrated that there exists a state function such that the field induces a monotone relaxation of this function toward its minima or maxima, depending on the field orientation. These results hold in the absence of intrinsic damping effects. When intrinsic damping is included in the description, a competition arises between field-induced and damping-induced relaxations, which leads to the appearance of limit cycles, that is, of magnetization self-oscillations.The spin-transfer phenomenon and related spintronic applications have been the focus of considerable research in the past two decades [1][2][3][4][5]. This research has been dominated by experimental and theoretical studies of spin-transfer-induced magnetization switching [6][7][8][9], as well as spin-transfer-driven magnetization selfoscillations [10][11][12][13][14]. These studies have all been based on the seed idea that spin transfer manifests itself as a non-conservative torque that competes with intrinsic (thermal) damping. In particular, it has been realized that the mutual compensation of non-conservative effects caused by spin transfer and thermal damping is the physical mechanism for the formation of magnetization selfoscillations [1,13,15].It is demonstrated in this Letter that in single-domain nanomagnets spin transfer may act as a purely conservative torque when electron spin polarization is directed along the intermediate (i. e., hard in-plane) anisotropy axis. Under these conditions, the following new physical features emerge: the appearance of purely conservative magnetization dynamics with closed precessiontype trajectories; the existence of a special integral of motion for this conservative dynamics, which is reduced to the conventional magnetic energy at zero spin current; a very unique global bifurcation in magnetization dynamics occurring at a specific critical value of the injected spin-polarized current; the conversion of the conservative dynamics into monotone relaxation when an inplane dc magnetic field is applied along the intermediate anisotropy axis; the existence of a Lyapunov function governing these field-induced relaxations as well as the appearance of field-induced interlacing of the basins of attractions of the critical points of the dynamics. The origin of all these new physical features can be traced back to the special symmetry of magnetization dynamics appearing in the case when both electron spin polarization and applied dc magnetic field are...