Compared to conventional vertical-cavity surface-emitting lasers (VCSELs), spin-pumped VCSELs offer the possibility of polarization control and fast polarization dynamics. It has been demonstrated that oscillations in the circular polarization degree can be excited. In short, the frequency of these polarization oscillations is determined by the frequency splitting between the two orthogonal linearly polarized cavity modes and therefore by the cavity birefringence. The polarization oscillation frequency is the resonance frequency of the VCSEL’s polarization dynamics and can be compared to the conventional resonance frequency for intensity modulation. We have demonstrated polarization oscillations up to 44 GHz, exceeding the direct intensity resonance frequency of the investigated devices by far. As the polarization oscillation frequency can be increased by increasing the cavity birefringence and a VCSEL cavity birefringence of more than 250 GHz has been demonstrated, using polarization dynamics is a possible way of substantially increasing the modulation speeds of VCSELs. This is for instance interesting for high-bandwith short-haul optical interconnects. The experimental results associated with the polarization oscillation effects can be simulated by the widely used spin-flip model. In this work we focus on the amplitude of the polarization oscillations. Previous publications have shown a decrease with increasing oscillation frequency. Here, we show amplitude dependencies on several system parameters like the photon and carrier lifetimes as well as pumping conditions. Based on this, we investigate how to increase the polarization oscillation amplitude, since a significant amplitude is necessary for, e.g., data transmission applications.