We address the shot noise in the tunneling current through a localized spin, pertaining to recent experiments on magnetic adatoms and single molecular magnets. We show that both uncorrelated and spin-correlated scattering processes contribute vitally to the noise spectrum. The spin-correlated scattering processes provide an additional contribution to the Landauer-Buttiker shot noise expression, accounting for correlations between the tunneling electrons and the localized spin moment. By calculating the Fano factor, we show that both super- and sub-Poissonian shot noise can be described within our approach. Our theory provides transparent insights to noise spectroscopy, consistent with recent experiments using local probing techniques on magnetic atoms.
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