  We have analysed the soft X-ray emission from the nuclear source of the
nearby spiral galaxy M81, using the available data collected with ROSAT, ASCA,
BeppoSAX and Chandra. The source flux is highly variable, showing (sometimes
dramatic: a factor of 4 in 20 days) variability at different timescales, from 2
days to 4 years, and in particular a steady increase of the flux by a factor of
>~ 2 over 4 years, broken by rapid flares. After accounting for the extended
component resolved by Chandra, the nuclear soft X-ray spectrum (from
ROSAT/PSPC, BeppoSAX/LECS and Chandra data) cannot be fitted well with a single
absorbed power-law model. Acceptable fits are obtained adding an extra
component, either a multi-color black body (MCBB) or an absorption feature. In
the MCBB case the inner accretion disk would be far smaller than the
Schwartzchild radius for the 3-60X 10^6 solar masses nucleus requiring a
strictly edge-on inclination of the disk, even if the nucleus is a rotating
Kerr black hole. The temperature is 0.27 keV, larger than expected from the
accretion disk of a Schwartzchild black hole, but consistent with that expected
from a Kerr black hole. In the power-law + absorption feature model we have
either high velocity (0.3 c) infalling C_v clouds or neutral C_i absorption at
rest. In both cases the C:O overabundance is a factor of 10.
