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We analyze the spin-induced circular polarization dynamics at the threshold of vertical-cavity surface-emitting lasers at room-temperature using a hybrid excitation combining electrically pumping without spin preference and spin-polarized optical injection. After a short pulse of spin-polarized excitation, fast oscillations of the circular polarization degree (CPD) are observed within the relaxation oscillations. A theoretical investigation of this behavior on the basis of a rate equation model shows that these fast oscillations of CPD could be suppressed by means of a reduction of the birefringence of the laser cavity.