The historical Ehrenfest model dating back to 1907 describes the process of equilibration together with fluctuations around the thermal equilibrium. This approach represents a special case in the dynamics of N uncoupled two-state systems. In this article we present a generalization of the original model by introducing an additional parameter p which denotes the probability of a single state change. Analytical solutions for the probability distribution of the system’s state as well as the fluctuation distribution are derived. Interestingly, close inspection of the fluctuation distribution reveals an intrinsic time scale. Sampling the system’s state at much slower rates yields the familiar macroscopic exponential distribution for equilibrium processes. For faster measurements a power law extends roughly over log10 N orders of magnitude followed by an exponential tail. At some point, further increases of the sampling rate merely result in a shift of the fluctuation distribution towards higher values leaving plateau at small fluctuation sizes behind. Since the generic solution is rather unwieldy, we derive and discuss simple and intuitive analytical solutions in the limit of small p and large N . Furthermore, we relax the quantization of time by considering a complementary approach in continuous time. Finally we demonstrate that the fluctuation distributions resulting from the two different approaches bear identical characteristic features.