Spin-transfer torque and current induced spin dynamics in spin-valve nanopillars with the free magnetic layer located between two magnetic films of fixed magnetic moments is considered theoretically. The spin-transfer torque in the limit of diffusive spin transport is calculated as a function of magnetic configuration. It is shown that non-collinear magnetic configuration of the outermost magnetic layers has a strong influence on the spin torque and spin dynamics of the central free layer. Employing macrospin simulations we make some predictions on the free layer spin dynamics in spin valves composed of various magnetic layers. We also present a formula for critical current in non-collinear magnetic configurations, which shows that the magnitude of critical current can be several times smaller than that in typical single spin valves.
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