We present an analysis of spectroscopic observations of a newly discovered cataclysmic variable, HS 0551+7241. In 1995, the star's brightness dropped by ΔB ~ 2.5 mag and HS 0551+7241 entered a low state lasting for ~2 yr. The Hα, Hβ, and He II λ4686 emission-line radial velocity curves show evidence of short ~50 minute fluctuations superposed on longer, ~4 hr, variations. We find similar modulations in the line fluxes and the line equivalent widths. The continuum magnitude light curves suggest that HS 0551+7241 may be an eclipsing system. If the 4 hour period is related to the orbital period, then the mass function is ~0.138 M⊙. Relatively strong He II λ4686 emission and short fluctuations may suggest that the binary is an intermediate polar. In that case, the ~50 minute variations would correspond to an Alfvén radius of ~3 × 1010 cm.
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