  We describe a new approach to understanding and calculating magnetization
switching rates and noise in the recently observed phenomenon of "spin-torque
switching". In this phenomenon, which has possible applications to information
storage, a large current passing from a pinned ferromagnetic (FM) layer to a
free FM layer switches the free layer. Our main result is that the spin-torque
effect increases the Arrhenius factor $\exp(-E/kT)$ in the switching rate, not
by lowering the barrier $E$, but by raising the effective spin temperature $T$.
To calculate this effect quantitatively, we extend Kramers' 1940 treatment of
reaction rates, deriving and solving a Fokker-Planck equation for the energy
distribution including a current-induced spin torque of the Slonczewski type.
This method can be used to calculate slow switching rates without long-time
simulations; in this Letter we calculate rates for telegraph noise that are in
good qualitative agreement with recent experiments. The method also allows the
calculation of current-induced magnetic noise in CPP (current perpendicular to
plane) spin valve read heads.
