Systematic ac susceptibility measurements have been performed on a MgB$_2$ bulk sample. We demonstrate that the flux creep activation energy is a nonlinear function of the current density $U(j)propto j^{-0.2}$, indicating a nonlogarithmic relaxation of the current density in this material. The dependence of the activation energy on the magnetic field is determined to be a power law $U(B)propto B^{-1.33}$, showing a steep decline in the activation energy with the magnetic field, which accounts for the steep drop in the critical current density with magnetic field that is observed in MgB$_2$. The irreversibility field is also found to be rather low, therefore, the pinning properties of this new material will need to be enhanced for practical applications.