The very high energy (VHE) gamma-ray source HESS J0632+057 has recently been confirmed to be a gamma-ray binary. The optical counterpart is the Be star MWC 148, and a compact object of unknown nature orbits it every similar to 321 days with a high eccentricity of similar to 0.8. We monitored HESS J0632+057 with the stereoscopic MAGIC telescopes from 2010 October to 2011 March and detected significant VHE gamma-ray emission during 2011 February, when the system exhibited an X-ray outburst. We find no gamma-ray signal in the other observation periods when the system did not show increased X-ray flux. Thus, HESS J0632+057 exhibits gamma-ray variability on timescales of the order of one to two months possibly linked to the X-ray outburst that takes place about 100 days after the periastron passage. Furthermore, our measurements provide for the first time the gamma-ray spectrum down to about 140 GeV and indicate no turnover of the spectrum at low energies. We compare the properties of HESS J0632+057 with the similar gamma-ray binary LS I +61 degrees 303 and discuss the possible origin of the multi-wavelength emission of the source
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