  Time resolved magnetization measurements have been performed on a spin 1/2
molecular complex, so called V$_{15}$. Despite the absence of a barrier,
magnetic hysteresis is observed over a timescale of several seconds. A detailed
analysis in terms of a dissipative two level model is given, in which
fluctuations and splittings are of same energy. Spin-phonon coupling leads to
long relaxation times and to a particular "butterfly" hysteresis loop.
