Method and system for providing magnetic junctions having improved characteristics

A method and system provide a magnetic junction usable in a magnetic device. The magnetic junction includes a pinned layer, a nonmagnetic spacer layer, a free layer, at least one insulating layer, and at least one magnetic insertion layer adjoining the at least one insulating layer. The nonmagnetic spacer layer is between the pinned layer and the free layer. The at least one insulating layer is adjacent to at least one of the free layer and the pinned layer. The at least one magnetic insertion layer adjoins the at least one insulating layer. In some aspects, the insulating layer(s) include at least one of magnesium oxide, aluminum oxide, tantalum oxide, ruthenium oxide, titanium oxide, and nickel oxide The magnetic junction is configured such that the free layer is switchable between a plurality of stable magnetic states when a write current is passed through the magnetic junction.