  We present the first results from an XMM-Newton observation of the FRI galaxy
NGC 4261, which harbors a supermassive black hole and a low-ionization nuclear
emission-line region (LINER). Here we focus on the X-ray properties of the
nucleus, using the EPIC pn data. The 0.6-10 keV continuum in best fitted by a
thermal component with kT ~0.7 keV, plus a power law with photon index ~1.4,
absorbed by a column density NH~4e22 cm-2. An unresolved Fe K emission line
with EW 280 eV is detected at 7 keV. We also detect, for the first time,
short-term flux variability from the nucleus, on a timescale of 3-5 ks. The
short-term variations rule out an ADAF as the only production mechanism of the
X-ray continuum. Instead, we argue that the inner jet contributes to the
emission in the X-ray band.
