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Microwave-assisted switching of the magnetization is an efficient way to reduce the magnetic field required to reverse the magnetization of nanostructures. Here, the phase sensitivity of microwave-assisted switching of an individual cobalt nanoparticle is studied using a pump-probe technique. The pump microwave pulse prepares an initial state of the magnetization, and the probe pulse tests its stability against switching. Precession states are established, which are stable against switching. Their basin of attraction is measured and is in qualitative agreement with numerical macrospin calculations. The damping parameter is evaluated using the variable delay pump-probe technique. [ABSTRACT FROM AUTHOR]