We formulate and analyze a simple dynamical systems model for climate-vegetation interaction. The planet we consider consists of a large ocean and a land surface on which vegetation can grow. The temperature affects vegetation growth on land and the amount of sea ice on the ocean. Conversely, vegetation and sea ice change the albedo of the planet, which in turn changes its energy balance and hence the temperature evolution. Our highly idealized, conceptual model is governed by two nonlinear, coupled ordinary differential equations, one for global temperature, the other for vegetation cover. The model exhibits either bistability between a vegetated and a desert state or oscillatory behavior. The oscillations arise through a Hopf bifurcation off the vegetated state, when the death rate of vegetation is low enough. These oscillations are anharmonic and exhibit a sawtooth shape that is characteristic of relaxation oscillations, as well as suggestive of the sharp deglaciations of the Quaternary. Our model's behavior can be compared, on the one hand, with the bistability of even simpler, Daisyworld-style climate-vegetation models. On the other hand, it can be integrated into the hierarchy of models trying to simulate and explain oscillatory behavior in the climate system. Rigorous mathematical results are obtained that link the nature of the feedbacks with the nature and the stability of the solutions. The relevance of model results to climate variability on various timescales is discussed.