  We investigate the quasiparticle relaxation and low-energy electronic
structure in undoped SmFeAsO and near-optimally doped SmFeAsO_{0.8}F_{0.2}
single crystals - exhibiting spin-density wave (SDW) ordering and
superconductivity respectively - using pump-probe femtosecond spectroscopy. In
the undoped single crystals a single relaxation process is observed, showing a
remarkable critical slowing down of the QP relaxation dynamics at the SDW
transition temperature T_{SDW}\simeq125{K}. In the superconducting (SC)
crystals multiple relaxation processes are present, with distinct SC state
quasiparticle recombination dynamics exhibiting a BCS-like T-dependent
superconducting gap, and a pseudogap (PG)-like feature with an onset above 180K
indicating the existence of a pseudogap of magnitude
2\Delta_{\mathrm{PG}}\simeq120 meV above T_{\mathrm{c}}. From the pump-photon
energy dependence we conclude that the SC state and PG relaxation channels are
independent, implying the presence of two separate electronic subsystems. We
discuss the data in terms of spatial inhomogeneity and multi-band scenarios,
finding that the latter is more consistent with the present data.
