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Motivated by numerous experiments on the magnetization reversal by electric current and magnetic-field pulses, we performed a numerical simulation within a macrospin model with periodic field and spin-polarized current, also taking into account the anisotropy of damping. It is shown that the magnetic dynamics is strongly affected by the variation of frequency and shape of the pulses. In particular, single rectangular pulses of the current can be used to achieve faster magnetization reversal, whereas harmonic alternating magnetic fields lead to magnetization precessional modes with potential technological applications. The use of rectangular field pulses allows generation of several important oscillation modes at lower fields, although the resulting magnetization dynamics turned out to be rather noisy.

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