I borrowed this from Dan's web site, I don't think he will mind..
What is a Proton Precession Magnetometer?
A magnetometer is an instrument used to measure the strength of a magnetic field. Magnetometers are used to measure variations in the earth's magnetic field in order to locate mineral deposits, achaeological sites, buried treasure, or submerged objects such as submarines or shipwrecks. The proton precession magnetometer operates on the principal that the protons in all atoms are spinning on an axis aligned with the magnetic field. Ordinarily, protons tend to line up with the earth's magnetic field. When subjected to an artificially-induced magnetic field, the protons will align themselves with the new field. When this new field is interrupted, the protons return to their original alignment with the earth's magnetic field. As they change their alignment, the spinning protons precess, or wobble, much as a spinning top does as it slows down. The frequency at which the protons precess is directly proportional to the strength of the earth's magnetic field. This is the Proton Gyromagnetic Ratio, equal to .042576 Hertz / nanoTesla. For example, in an area with a field strength of 57,780 nT (such as my home), the frequency of precession would be approximately 2460 Hz.
In a simple proton precession magnetometer, a bottle of fluid rich in hydrogen atoms, usually distilled water or a hydrocarbon such as kerosene or alcohol, is surrounded by a coil of wire which can be energized by a direct current to produce a strong magnetic field. When the current is shut off, the precessing protons induce a very weak signal into the same coil, which is now connected to a suitable output device. This output circuitry may be a frequency counter calibrated to give a direct readout of of magnetic field strength.