We report on observations of the sixth accretion-powered millisecond pulsar, IGR J00291+5934, with the Rossi X-Ray Timing Explorer. The source is a faint, recurrent X-ray transient initially identified by INTEGRAL. The 599 Hz (1.67 ms) pulsation had a fractional rms amplitude of 8% in the 2-20 keV range, and its shape was approximately sinusoidal. The pulses show an energy-dependent phase delay, with the 6-9 keV pulses arriving up to 85 us earlier than those at lower energies. No X-ray bursts, dips, or eclipses were detected. The neutron star is in a circular 2.46 hr orbit with a very low-mass donor, most likely a brown dwarf. The binary parameters of the system are similar to those of the first known accreting millisecond pulsar, SAX J1808.4-3658. Assuming that the mass transfer is driven by gravitational radiation and that the 2004 outburst fluence is typical, the 3-yr recurrence time implies a distance of at least 4 kpc.
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