We consider a quantum two-level system perturbed by classical noise. The noise is implemented as a stationary diffusion process in the off-diagonal matrix elements of the Hamiltonian, representing a transverse magnetic field. We determine the invariant measure of the system and prove its uniqueness. In the case of Ornstein-Uhlenbeck noise, we determine the speed of convergence to the invariant measure. Finally, we determine an approximate one-dimensional diffusion equation for the transition probabilities. The proofs use both spectral-theoretic and probabilistic methods.