  This paper describes a time-marking system that enables a measurement of the
in-plane (horizontal) polarization of a 0.97-GeV/c deuteron beam circulating in
the Cooler Synchrotron (COSY) at the Forschungszentrum J\"ulich. The clock time
of each polarimeter event is used to unfold the 120-kHz spin precession and
assign events to bins according to the direction of the horizontal
polarization. After accumulation for one or more seconds, the down-up
scattering asymmetry can be calculated for each direction and matched to a
sinusoidal function whose magnitude is proportional to the horizontal
polarization. This requires prior knowledge of the spin tune or polarization
precession rate. An initial estimate is refined by re-sorting the events as the
spin tune is adjusted across a narrow range and searching for the maximum
polarization magnitude. The result is biased toward polarization values that
are too large, in part because of statistical fluctuations but also because
sinusoidal fits to even random data will produce sizeable magnitudes when the
phase is left free to vary. An analysis procedure is described that matches the
time dependence of the horizontal polarization to templates based on
emittance-driven polarization loss while correcting for the positive bias. This
information will be used to study ways to extend the horizontal polarization
lifetime by correcting spin tune spread using ring sextupole fields and thereby
to support the feasibility of searching for an intrinsic electric dipole moment
using polarized beams in a storage ring. This paper is a combined effort of the
Storage Ring EDM Collaboration and the JEDI Collaboration.
