Abstract: A bi-directional pulsed ring laser that produces bi-directional light pulses that interact in such a way that they are phase conjugated. A nonlinear substance, such as a nonlinear crystal or fluid, that has an index of refraction that is dependent upon light intensity is located near a beam waist of the laser cavity to provide a self-lensing effect. Methods for reducing dead band beyond observable limits are also provided. The increased sensitivity of the bi-directional pulsed ring laser provides application in detecting magnetic susceptibility by detecting the change in phase between the arrival times of the bi-directional pulses at a modulator and the electrical signal of the modulator to determine the change in frequency of a coil that has magnetic susceptibility.