This paper presents AlphaOne ($\alpha$1), a universal framework for modulating reasoning progress in large reasoning models (LRMs) at test time. $\alpha$1 first introduces $\alpha$ moment, which represents the scaled thinking phase with a universal parameter $\alpha$. Within this scaled pre-$\alpha$ moment phase, it dynamically schedules slow thinking transitions by modeling the insertion of reasoning transition tokens as a Bernoulli stochastic process. After the $\alpha$ moment, $\alpha$1 deterministically terminates slow thinking with the end-of-thinking token, thereby fostering fast reasoning and efficient answer generation. This approach unifies and generalizes existing monotonic scaling methods by enabling flexible and dense slow-to-fast reasoning modulation. Extensive empirical studies on various challenging benchmarks across mathematical, coding, and scientific domains demonstrate $\alpha$1's superior reasoning capability and efficiency. Project page: Visa/