Vibrational relaxation dynamics in I2−(CO2)4 clusters are monitored by femtosecond stimulated emission pumping in conjunction with femtosecond photoelectron spectroscopy. Femtosecond pump and tunable dump pulses coherently excite the I2− within the cluster with vibrational energies ranging from 0.57 to 0.86 eV; the subsequent dynamics are monitored via the time-dependent photoelectron spectrum, and are compared to those resulting from excitation of bare I2−. Two observables are used to follow the vibrational relaxation from the vibrationally excited I2− to the surrounding solvent molecules. From 0 to 4 ps, relaxation is apparent through a time-dependent increase in the oscillation which is monitored at its inner turning point. At longer times, out to ∼100 ps, shifts in the photoelectron spectra are used to determine the vibrational energy content of the I2−. Indirect evidence is presented for early rapid energy loss during the first half-oscillation of the wave packet across the potential.