  We present the analysis of two long, quasi-uninterrupted RXTE observations of
Cygnus X-1 that span several days within a 10 d interval. The spectral
characteristics during this observation cover the region where previous
observations have shown the source to be most dynamic. Despite that the source
behavior on time scales of hours and days is remarkably similar to that on year
time scales. This includes a variety of spectral/temporal correlations that
previously had only been observed over Cyg X-1's long-term evolution.
Furthermore, we observe a full transition from a hard to a soft spectral state
that occurs within less than 2.5 hours - shorter than previously reported for
any other similar Cyg X-1 transition. We describe the spectra with a
phenomenological model dominated by a broken power law, and we fit the X-ray
variability power spectra with a combination of a cutoff power law and
Lorentzian components. The spectral and timing properties are correlated: the
power spectrum Lorentzian components have an energy-dependent amplitude, and
their peak frequencies increase with photon spectral index. Averaged over
3.2-10 Hz, the time lag between the variability in the 4.5-5.7 keV and 9.5-15
keV bands increases with decreasing hardness when the variability is dominated
by the Lorentzian components during the hard state. The lag is small when there
is a large power law noise contribution, shortly after the transition to the
soft state. Interestingly, the soft state not only shows the shortest lags, but
also the longest lags when the spectrum is at its softest and faintest. We
discuss our results in terms of emission models for black hole binaries.
