Tunnel junctions of Co(10 nm)/AlOx (nominally 2 nm)/Co(20 nm) have been prepared by molecular beam epitaxy applying a shadow mask technique in conjunction with an UV light-assisted oxidation process of the AlOx barrier. The quality of the AlOx barrier has been proven by x-ray photoelectron spectroscopy and temperature dependent tunneling magnetoresistance (TMR) measurements. Optimum-oxidized tunnel junctions show a TMR of 20% at 285 K and up to 36% at 100 K. At 285 K the TMR values as a function of oxidation time are not symmetric about the optimum time. For underoxidized junctions the TMR is reduced more strongly than for overoxidized junctions. The temperature dependence of the junction's resistance is a clear and reliable indicator whether pinholes (or imperfections) contribute to the conduction across the barrier. © 2001 American Institute of Physics.