We study the magnetization and the spin dynamics of the Cr$_7$Ni ring-shaped magnetic cluster. Measurements of the magnetization at high pulsed fields and low temperature are compared to calculations and show that the spin Hamiltonian approach provides a good description of Cr$_7$Ni magnetic molecule. In addition, the phonon-induced relaxation dynamics of molecular observables has been investigated. By assuming the spin-phonon coupling to take place through the modulation of the local crystal fields, it is possible to evaluate the decay of fluctuations of two generic molecular observables. The nuclear spin-lattice relaxation rate $1/T_1$ directly probes such fluctuations, and allows to determine the magnetoelastic coupling strength.
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