  We present the results of a high accuracy ($\sigma \approx 0.005%$)
polarization monitoring of the Be Star Achernar that was carried out between
July 7th and November 5th, 2006. Our results indicate that, after a near
quiescent phase from 1998 to 2002, Achernar is presently in an active phase and
has built a circumstellar disk. We detect variations both in the polarization
level and position angle in timescales as short as one hour and as long as
several weeks. Detailed modeling of the observed polarization strongly suggests
that the short-term variations originate from discrete mass ejection events
which produce transient inhomogeneities in the inner disk. Long-term
variations, on the other hand, can be explained by the formation of an inner
ring following one or several mass ejection events.
