We report the experimental observation of two-mode squeezing in the
oscillation quadratures of a thermal micro-oscillator. This effect is obtained
by parametric modulation of the optical spring in a cavity opto-mechanical
system. In addition to stationary variance measurements, we describe the
dynamic behavior in the regime of pulsed parametric excitation, showing
enhanced squeezing effect surpassing the stationary 3dB limit. While the
present experiment is in the classical regime, our technique can be exploited
to produce entangled, macroscopic quantum opto-mechanical modes
