The Kerr Parametric Oscillator (KPO) is a nonlinear resonator system that is often described as a synthetic two-level system. In the presence of noise, the system switches between two states via a fluctuating trajectory in phase space, instead of following a straight path. The presence of such fluctuating trajectories makes it hard to establish a precise count or even a useful definition, of the "lifetime" of the state. Addressing this issue, we compare several rate counting methods that allow to estimate a lifetime for the levels. In particular, we establish that a peak in the Allan variance of fluctuations can also be used to determine the levels' lifetime. Our work provides a basis for characterizing KPO networks for simulated annealing where an accurate determination of the state lifetime is of fundamental importance.