A diffusion-CPMG hybrid experiment was used to analyze the diffusion characteristics of different T2 relaxation components in bovine optic nerve. Data were collected using a pulsed field gradient (PFG) multi spin echo (MSE) CPMG sequence for parallel and perpendicular axon orientation and four diffusion times. The apparent diffusion coefficient (ADC) was evaluated for two observed T2 components as a function of axonal orientation and diffusion time delta. The short T2 component exhibited minor diffusional anisotropy and larger ADC, whereas the long T2 component showed significant anisotropy effects. This is consistent with the hypothesis that the short T2 component is associated with water within the myelin sheath, which is less restricted than axonal water that is limited by cell membrane permeability.