  We present high time-resolution optical energy-resolved photometry of the
eclipsing cataclysmic variable V2301 Oph made using the ESA S-Cam detector, an
array of photon counting super-conducting tunnel junction (STJ) devices with
intrinsic energy resolution. Three eclipses were observed, revealing
considerable variation in the eclipse shape, particularly during ingress. The
eclipse shape is shown to be understood in terms of AM Her accretion via a
bright stream, with very little contribution from the white dwarf photosphere
and/or hotspot. About two thirds of the eclipsed light arises in the threading
region. Variation in the extent of the threading region can account for most of
the variations observed between cycles. Spectral fits to the data reveal a
10,000K blackbody continuum with strong, time-varying emission lines of
hydrogen and helium. This is the first time that stellar emission lines have
been detected in the optical band using a non-dispersive photon-counting
system.
