The local mobility and organization of micelles formed by the cationic diblock copolymer PS-poly(N-ethyl-4-vinylpyridinium bromide) in dilute aqueous solutions is studied by spin-probe ESR spectroscopy. Micelles composed of a hydrophobic PS core and a lyophilizing polyelectrolyte corona are prepared by two methods: dialysis from a nonselective solvent and direct dispersion of the diblock copolymer in water under long-term heating. Velocity-sedimentation studies and static and dynamic light-scattering measurements show that the micelles obtained by dialysis have smaller mean hydrodynamic sizes and weight-average molecular masses and are less polydisperse than micelles prepared by direct dispersion. The ESR spectra of spin probes localized in micelles of both types are found to be identical. This finding suggests that their local structure is independent of the dispersion procedure and molecular-mass characteristics. Probes are localized in the outer layer of the PS core near the core/shell boundary, and their local mobility is a factor of ∼2 higher than the local mobility of probes in the phase of the solid PS. It is inferred that the structure of the outer layer of the PS core in micelles is looser than the structure of PS in the solid phase. The localization sites of spin probes are partially penetrated by water.