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This paper presents an extensive study of MIMO channels in mobile-to-mobile environment. Recently proposed two-erose-ring model is reviewed for more details, and closed-form mathematical expressions for space-time correlations and power spectral density for MIMO mobile-to-mobile communication channels are derived. Using the correlation function, we analyze and compare capacity and diversity gains for two-ring model and two-erose-ring model. Furthermore, we compared the results with the existing models.