The dynamical properties of exciton transfer coupled to polarization vibrations in a two site system are investigated in detail. A fixed point analysis of the full system of Bloch - oscillator equations representing the coupled excitonic - vibronic flow is performed. For overcritical polarization a bifurcation converting the stable bonding ground state to a hyperbolic unstable state which is basic to the dynamical properties of the model is obtained. The phase space of the system is generally of a mixed type: Above bifurcation chaos develops starting from the region of the hyperbolic state and spreading with increasing energy over the Bloch sphere leaving only islands of regular dynamics. The behaviour of the polarization oscillator accordingly changes from regular to chaotic.