A method and system for providing a magnetic element and memory utilizing the magnetic element are described. The magnetic element includes a reference layer, a nonferromagnetic spacer layer, and a free layer. The reference layer has a resettable magnetization that is set in a selected direction by a magnetic field generated externally to the reference layer. The reference layer is also magnetically thermally unstable at an operating temperature range and has KuV/kBT is less than fifty five. The spacer layer resides between the reference layer and the free layer. In addition, the magnetic element is configured to allow the free layer to be switched to each of a plurality of states when a write current is passed through the magnetic element.