  We perform 3D micromagnetic simulations of current-driven magnetization
dynamics in nanoscale exchange biased spin-valves that take account of (i) back
action of spin-transfer torque on the pinned layer, (ii) non-linear damping and
(iii) random thermal torques. Our simulations demonstrate that all these
factors significantly impact the current-driven dynamics and lead to a better
agreement between theoretical predictions and experimental results. In
particular, we observe that, at a non-zero temperature and a sub-critical
current, the magnetization dynamics exhibits nonstationary behaviour in which
two independent persistent oscillatory modes are excited which compete for the
angular momentum supplied by spin-polarized current. Our results show that this
multi-mode behaviour can be induced by combined action of thermal and spin
transfer torques.
