We investigate properties of perpendicular anisotropy magnetic tunnel junctions (pMTJs) with a stack structure MgO/CoFeB/Ta/CoFeB/MgO as the free layer (or recording layer), and obtain the necessary device parameters from the tunneling magnetoresistance (TMR) vs. field loops and current-driven magnetization switching experiments. Based on the experimental results and device parameters, we further estimate current-driven switching performance of pMTJ including switching time and power, and their dependence on perpendicular magnetic anisotropy and damping constant of the free layer by SPICE-based circuit simulations. Our results show that the pMTJ cells exhibit a less than 1 ns switching time and write energies < 1.4 pJ; meanwhile the lower perpendicular magnetic anisotropy (PMA) and damping constant can further reduce the switching time at the studied range of damping constant α < 0.1. Additionally, our results demonstrate that the pMTJs with the thermal stability factor ≃ 73 can be easily transformed into spin-torque nano-oscillators from magnetic memory as microwave sources or detectors for telecommunication devices.
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