Pump-probe spectroscopy of the equilibrated solvated electron in methanol and ethanol has been studied with similar to 300 fs time resolution. At low pump power the observed dynamics are assigned to s --> p excitation and subsequent relaxation of a localized solvated electron. In contrast, at high pump power, two-photon absorption apparently produces mobile "conduction band" electrons, which are subsequently trapped and relax at a remote site from the initial equi:librated electron. The two-photon excitation is also observed to induce an ultrafast proton-transfer reaction from the solvent.