"They revolve around each other 100,000 times faster; one full revolution takes only 321 seconds, or a little more than 5 minutes! It is the shortest period ever observed in a binary stellar system."

"With its extremely short orbital period, RX J0806.3+1527 is also a prime candidate for the detection of the elusive gravitational waves, predicted by Einstein's General Theory of Relativity. They have never been measured directly, but their existence has been revealed indirectly in binary neutron star systems.

A planned gravitational wave space experiment, the European Space Agency's Laser Interferometer Space Antenna (LISA) that will be launched in about 10 years' time, will be sufficiently sensitive to be able to reveal this radiation from RX J0806.3+1527 with a high degree of confidence. "
from:
http://www.eso.org/outreach/press-rel/pr-2002/pr-06-02.html