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The appropriate magnetic Langevin equation, namely the inertial Landau-Lifshitz-Gilbert equation augmented by thermal noise, is written starting from an analogy with the dynamics of the magnetic dipole moment of a circular current-carrying loop (wire) viewed as a symmetric top. Hence the corresponding Fokker-Planck equation for the evolution of the probability density function in the phase space of angular velocities and orientations and its stationary solution are derived. Moreover, the inertial stochastic magnetization dynamics of ferromagnetic nanoparticles is also seen to be analogous to the stochastic dynamics of the electric dipole moment of a polar molecule visualized as a dipole lying along the axis of symmetry of a symmetric top ignoring friction about that axis–a conclusion reached by replacing electrical parameters with their magnetic analogs in the respective Langevin equations. Therefore, existing results from gyroscopic theory, as applied to dielectric relaxation of polar molecules, may with appropriate modifications be used to study inertial magnetization effects in ferromagnetic nanoparticles.