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The ultrafast spin dynamics induced by transport of spin polarized carriers has attracted considerable interest over last decade. It is motivated by the fundamental interest in magnetic excitations and applications like spintronics and data storage. To achieve a microscopic understanding of the underlying elementary processes that typically occur on femtosecond time scales, we has developed a time dependent approach that probes the spin dynamics induced by plasmon-magnon excitations. Surface plasmons in the THz range are technologically important because they provide a possibility to develop subwavelength-size devices and offer the exclusive opportunity to investigate nanoscale systems at THz frequencies Terahertz time-domain spectroscopy in conjunction with pump-probe measurements offers a powerful tool to examine energy transfer and ultrafast spin dynamics in nanosystems. The THz spectral range provides a high degree of sensitivity for research of a spin structure, which at very strong exchange complex generally dominate the charge response. In addition, method of THz yields directly information on the real and imaginary parts of the complex Green’s function of the cluster over a spectral range extending up to a few THz. The approach involves only propagating electromagnetic waves and thus eliminates the need for contacts. Further, with ultrafast optical excitation, the method permits one to probe nonequilibrium systems with picosecond to sub-picosecond time resolution.