Motivated by the recent finding of hierarchical X-ray flaring phenomenon in
Mrk 421, we conducted a systematic search for X-ray flares from Mrk 501,
another well-known TeV blazar, by making use of the rich {\em RXTE} archival
database. We detected flares over a wide range of timescales, from months down
to minutes, as in the case of Mrk 421. However, the flares do not seem to occur
nearly as frequently in Mrk 501 as in Mrk 421 on any of the timescales. The
flaring hierarchy also seems apparent in Mrk 501, suggesting that it might be
common among TeV blazars. The results seem to imply a scale-invariant physical
origin of the flares (large or small). The X-ray spectrum of the source shows a
general trend of hardening toward the peak of long-duration flares, with
indication of spectral hysteresis, which is often seen in TeV blazars. However,
the data are not of sufficient quality to allow us to draw definitive
conclusions about spectral variability associated with more rapid but weaker
flares. We critically examine a reported sub-hour X-ray flare from Mrk 501, in
light of intense background flaring activity at the time of the observation,
and concluded that the flare is likely an artifact. On the other hand, we did
identify a rapid X-ray flare that appears to be real. It lasted only for about
15 minutes, during which the flux of the source varied by about 30%.
Sub-structures are apparent in its profile, implying variabilities on even
shorter timescales. Such rapid variabilities of Mrk 501 place severe
constraints on the physical properties of the flaring region in the jet, which
have serious implications on the emission models proposed for TeV blazars.Comment: 23 pages, 11 figures, accepted for publication in Ap