In this paper, we present simulation results of an electrooptical variable optical attenuator (VOA) integrated in silicon-on-insulator waveguide. The device is functionally based on free carriers absorption to achieve attenuation. Beam propagation method (BPM) and two-dimensional semiconductor device simulation tool PISCES-II were used to analyze the dc and transient characteristics of the device. The device has a response time (including rise time and fall time) less than 200 ns, much faster than the thermooptic and micro-electromechanical systems (MEMSs) based VOAs.