We present the analysis of the spectroscopic observations of a newly discovered cataclysmic variable HS 0551+7241 .
In 1995 the star ’ s brightness dropped by \Delta B \sim 2.5 mag and HS 0551+7241 entered a low state lasting for \sim 2 yr .
The H \alpha , H \beta and He ii ( 4686 ) emission line radial velocity curves show evidence of short \sim 50 min fluctuations superimposed on longer , \sim 4 hour variations .
We found similar modulations in the line fluxes and the line equivalent widths .
The continuum magnitude light curve suggest that HS 0551+7241 may be an eclipsing system .
If the 4 hour period is related to the orbital period then the mass function is \sim 0.138 M _ { \odot } .
Relatively strong He ii ( 4686 ) emission and short fluctuation may suggest that the binary is an intermediate polar .
In that case the \sim 50 min variations would correspond to the Alfvén radius of \sim 3 \times 10 ^ { 10 } cm .