The joint peristimulus time histogram (JPSTH) and cross-correlogram provide a visual representation of correlated activity for a pair of neurons, and the way this activity may increase or decrease over time. In a companion paper we showed how a Bootstrap evaluation of the peaks in the smoothed diagonals of the JPSTH may be used to establish the likely validity of apparent time-varying correlation. As noted in earlier studies by Brody and Ben-Shaul et al., trial-to-trial variation can confound correlation and synchrony effects. In this paper we elaborate on that observation, and present a method of estimating the time-dependent trial-to-trial variation in spike trains that may exceed the natural variation displayed by Poisson and non-Poisson point processes. The statistical problem is somewhat subtle because relatively few spikes per trial are available for estimating a firing-rate function that fluctuates over time. The method developed here decomposes the spike-train variability into a stimulus-related component and a trial-specific component, allowing many degrees of freedom to characterize the former while assuming a small number suffices to characterize the latter. The Bootstrap significance test of the companion paper is then modified to accommodate these general excitability effects. This methodology allows an investigator to assess whether excitability effects are constant or time-varying, and whether they are shared by two neurons. In data from two V1 neurons we find that highly statistically significant evidence of dependency disappears after adjustment for time-varying trial-to-trial variation.