  A real spin-charge separation scheme is found based on a saddle-point state
of the $t-J$ model. In the one-dimensional (1D) case, such a saddle-point
reproduces the correct asymptotic correlations at the strong-coupling
fixed-point of the model. In the two-dimensional (2D) case, the transverse
gauge field confining spinon and holon is shown to be gapped at {\em finite
doping} so that a spin-charge deconfinement is obtained for its first time in
2D. The gap in the gauge fluctuation disappears at half-filling limit, where a
long-range antiferromagnetic order is recovered at zero temperature and spinons
become confined. The most interesting features of spin dynamics and transport
are exhibited at finite doping where exotic {\em residual} couplings between
spin and charge degrees of freedom lead to systematic anomalies with regard to
a Fermi-liquid system. In spin dynamics, a commensurate antiferromagnetic
fluctuation with a small, doping-dependent energy scale is found, which is
characterized in momentum space by a Gaussian peak at ($\pi/a$, $ \pi/a$) with
a doping-dependent width ($\propto \sqrt{\delta}$, $\delta$ is the doping
concentration). This commensurate magnetic fluctuation contributes a
non-Korringa behavior for the NMR spin-lattice relaxation rate. There also
exits a characteristic temperature scale below which a pseudogap behavior
appears in the spin dynamics. Furthermore, an incommensurate magnetic
fluctuation is also obtained at a {\em finite} energy regime. In transport, a
strong short-range phase interference leads to an effective holon Lagrangian
which can give rise to a series of interesting phenomena including linear-$T$
resistivity and $T^2$ Hall-angle. We discuss the striking similarities of these
theoretical features with those found in the high-$T_c$ cuprates and give a
