The dynamics of the growth and relaxation of the magnetization in ferrofluids are determined using theory based on the Fokker-Planck-Brown equation, and Brownian-dynamics simulations. Magnetization growth starting from an equilibrium nonmagnetized state in zero field, and following an instantaneous application of a uniform field of arbitrary strength, is studied with and without interparticle interactions. Similarly, magnetization relaxation is studied starting from an equilibrium magnetized state in a field of arbitrary strength, and following instantaneous removal of the field. In all cases, the dynamics are studied in terms of the time-dependent magnetization m(t). The field strength is described by the Langevin parameter α, the strength of the interparticle interactions is described by the Langevin susceptibility χ_{L}, and the individual particles undergo Brownian rotation with time τ_{B}. For noninteracting particles, the average growth time decreases with increasing α due to the torque exerted by the field, while the average relaxation time stays constant at τ_{B}; with vanishingly weak fields, the timescales coincide. The same basic picture emerges for interacting particles, but the weak-field timescales are larger due to collective particle motions, and the average relaxation time exhibits a weak, nonmonotonic field dependence. A comparison between theoretical and simulation results is excellent for noninteracting particles. For interacting particles with χ_{L}=1 and 2, theory and simulations are in qualitative agreement, but there are quantitative deviations, particularly in the weak-field regime, for reasons that are connected with the description of interactions using effective fields.
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