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We present a new circuit simulation technique which are based on both the Waveform Relaxation (WR) algorithm and the Iterated Timing Analysis (ITA) algorithm to speed up the circuit simulation for MOSFET circuits. This new method combines the advantages of WR and ITA and exhibits more efficiency in dealing with large scale circuits and circuits with feedback loops. Transient sensitivity computations based on ITA and this newly-proposed algorithm are presented in which the sensitivity differential equations are decomposed and solved in the relaxation manner. Experimental results are also shown to demonstrate the correctness and effectiveness of these new methods.