Magnetization, AC susceptibility and $mu$SR measurements have been performed in neutral phthalocyaninato lanthanide ([LnPc$_2]^0$) single molecule magnets in order to determine the low-energy levels structure and to compare the low-frequency spin exc
itations probed by means of macroscopic techniques, such as AC susceptibility, with the ones explored by means of techniques of microscopic character, such as $mu$SR. Both techniques show a high temperature thermally activated regime for the spin dynamics and a low temperature tunneling one. While in the activated regime the correlation times for the spin fluctuations estimated by AC susceptibility and $mu$SR basically agree, clear discrepancies are found in the tunneling regime. In particular, $mu$SR probes a faster dynamics with respect to AC susceptibility. It is argued that the tunneling dynamics probed by $mu$SR involves fluctuations which do not yield a net change in the macroscopic magnetization probed by AC susceptibiliy. Finally resistivity measurements in [TbPc$_2]^0$ crystals show a high temperature nearly metallic behaviour and a low temperature activated behaviour.
