We consider the population inversion in a two-level system generated by a sub-one-cycle pulse excitation. Specifically, we explore the effect that the time derivative of the pulse envelope has on the Rabi dynamics. Our analysis is based on a combination of analytical, perturbative, and nonperturbative treatments and is complemented by numerical simulations. We find a shortening of the Rabi inversion period and show that complete inversion is unobtainable under resonant, ultrashort pulse conditions. The impact of nonresonant and carrier-envelope phase-dependent effects on the dynamics of two-level and multilevel systems is studied numerically, and conditions for complete population inversion are derived.