The spin spin relaxation time is the time the spins need to dephase in the transverse plane.
See T2 Time, and Transverse Relaxation Time.

The T2 relaxation time (spin spin relaxation time or transverse relaxation time), is a biological parameter that is used in MRIs to distinguish between tissue types and is termed 'Time 2' or T2. It is a tissue-specific time constant for protons and is dependent on the exchanging of energy with near by nuclei. T2 weighted images rely upon local dephasing of spins following the application of the transverse energy pulse. T2 is the decay of magnetization perpendicular to the main magnetic field (in an ideal homogeneous field).
Due to interaction between the spins, they lose their phase coherence, which results in a loss of transverse magnetization and MRI signal. After time T2 transverse magnetization has lost 63% of its original value. This tissue parameter determines the contrast.
The T2 relaxation is temperature dependent. At a lower temperature molecular motion is reduced and the decay times are reduced.
Fat has a very efficient energy exchange and therefore it has a relatively short T2.
Water is less efficient than fat in the exchange of energy, and therefore it has a long T2 time.

See also T2 Weighted Image and Magnetic Resonance Imaging MRI.

(T1) The spin lattice relaxation time (also called longitudinal relaxation time and T1 Time) is a spin property, whereby the value changes between different tissues. By the spin lattice relaxation process, the longitudinal magnetization Mz achieve the equilibrium value Mz0. The T1 time constant is an exponential approach toward Mz0.
The equation for the magnetization at a time t will be (if at t=0 the longitudinal magnetization is Mz0):
Mz(t) = M0+(Mz (0) - Mz0) exp(t/T1)

(SE) The most common pulse sequence used in MR imaging is based of the detection of a spin or Hahn echo. It uses 90° radio frequency pulses to excite the magnetization and one or more 180° pulses to refocus the spins to generate signal echoes named spin echoes (SE).
In the pulse sequence timing diagram, the simplest form of a spin echo sequence is illustrated.
The 90° excitation pulse rotates the longitudinal magnetization (Mz) into the xy-plane and the dephasing of the transverse magnetization (Mxy) starts.
The following application of a 180° refocusing pulse (rotates the magnetization in the x-plane) generates signal echoes. The purpose of the 180° pulse is to rephase the spins, causing them to regain coherence and thereby to recover transverse magnetization, producing a spin echo.
The recovery of the z-magnetization occurs with the T1 relaxation time and typically at a much slower rate than the T2-decay, because in general T1 is greater than T2 for living tissues and is in the range of 100-2000 ms.
The SE pulse sequence was devised in the early days of NMR days by Carr and Purcell and exists now in many forms: the multi echo pulse sequence using single or multislice acquisition, the fast spin echo (FSE/TSE) pulse sequence, echo planar imaging (EPI) pulse sequence and the gradient and spin echo (GRASE) pulse sequence;; all are basically spin echo sequences.
In the simplest form of SE imaging, the pulse sequence has to be repeated as many times as the image has lines.
Contrast values:
PD weighted: Short TE (20 ms) and long TR.
T1 weighted: Short TE (10-20 ms) and short TR (300-600 ms)
T2 weighted: Long TE (greater than 60 ms) and long TR (greater than 1600 ms)
With spin echo imaging no T2* occurs, caused by the 180° refocusing pulse. For this reason, spin echo sequences are more robust against e.g., susceptibility artifacts than gradient echo sequences.

See also Pulse Sequence Timing Diagram to find a description of the components.