We consider the ${F}_{g}=1\ensuremath{\rightarrow}{F}_{e}=1$ transition between the ground and excited hyperfine levels in alkali-metal vapor interacting with $\ensuremath{\sigma}$ linearly polarized control and probe fields whose polarizations can be either parallel or perpendicular to each other. We develop a matrix formulation that allows a solution of the Bloch equations to all orders in the pump and probe Rabi frequencies. Using this formalism, we calculate the steady-state probe absorption spectrum, the coherent population oscillations (CPOs), and two-photon coherence, in the absence (degenerate case) and presence (nondegenerate case) of a longitudinal magnetic field. We then calculate the probe storage when the pump is switched off and on again. We are particularly interested in whether the probe regains its original temporal shape when the pump is switched on again for the case of identical pump and probe frequencies. We show that, in the nondegenerate case, the restored probe does not regain its original shape whereas, in the degenerate case, the original shape is restored. This can be explained by considering the relative magnitudes of the CPOs which do not remember the temporal shape of the probe and the two-photon coherence oscillations which store the probe shape when the pump is switched off, as in electromagnetically induced transparency memories. In the nondegenerate case, the CPOs are much stronger than the two-photon coherence oscillations whereas, in the degenerate case, they are of similar magnitudes. Thus it is the two-photon coherence oscillations that are responsible for the restoration of the temporal shape of the probe in the degenerate case.
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