  We report on a year-long effort to monitor the central supermassive black
hole in M81 in the X-ray and radio bands. Using Chandra and the VLA, we
obtained quasi-simultaneous observations of M81* on seven occasions during
2006. The X-ray and radio luminosity of M81* are not strongly correlated on the
approximately 20-day sampling timescale of our observations, which is
commensurate with viscous timescales in the inner flow and orbital timecales in
a radially-truncated disk. This suggests that short-term variations in black
hole activity may not be rigidly governed by the "fundamental plane", but
rather adhere to the plane in a time-averaged sense. Fits to the X-ray spectra
of M81* with bremsstrahlung models give temperatures that are inconsistent with
the outer regions of very simple advection-dominated inflows. However, our
results are consistent with the X-ray emission originating in a transition
region where a truncated disk and advective flow may overlap. We discuss our
results in the context of models for black holes accreting at small fractions
of their Eddington limit, and the fundamental plane of black hole accretion.
