We use time-resolved Faraday rotation spectroscopy to probe the electron spin dynamics in ZnO and magnetically doped Zn(1-x)Co(x)O sol-gel thin films. In undoped ZnO, we observe an anomalous temperature dependence of the ensemble spin dephasing time T(2), i.e., longer coherence times at higher temperatures, reaching T(2) ∼ 1.2 ns at room temperature. Time-resolved transmission measurements suggest that this effect arises from hole trapping at grain surfaces. Deliberate addition of Co(2+) to ZnO increases the effective electron Landé g factor, providing the first direct determination of the mean-field electron-Co(2+) exchange energy in Zn(1-x)Co(x)O (N(0)α = +0.25 ± 0.02 eV). In Zn(1-x)Co(x)O, T(2) also increases with increasing temperature, allowing spin precession to be observed even at room temperature.