We study the time evolution of the survival probability and the spin polarization of a dissipative nondegenerate two-level system in the presence of a magnetic field in the Faraday configuration. We apply the Extended Gaussian Orthogonal Ensemble approach to model the stochastic system-environment interaction and calculate the survival and spin polarization to first and second order of the interaction picture. We present also the time evolution of the thermal average of these quantities as functions of the temperature, the magnetic field, and the energy-levels density, for ρ(ϵ)∝ϵs, in the subohmic, ohmic, and superohmic dissipation forms. We show that the behavior of the spin polarization calculated here agrees rather well with the time evolution of spin polarization observed and calculated, recently, for the electron-nucleus dynamics of Ga centers in dilute (Ga,N)As semiconductors.