We combine experiments and theory to investigate the dynamics and orientational fluctuations of ferromagnetic microellipsoids that form a ribbonlike structure due to attractive dipolar forces. When assembled in the ribbon, the ellipsoids display orientational thermal fluctuations with an amplitude that can be controlled via application of an in-plane magnetic field. We use video microscopy to investigate the orientational dynamics in real time and space. Theoretical arguments are used to derive an analytical expression that describes how the distribution of the different angular configurations depends on the strength of the applied field. The experimental data are in good agreement with the developed model for all the range of field parameters explored. Understanding the role of fluctuations in chains composed of dipolar particles is important not only from a fundamental point of view, but it may also help understanding the stability of such structures against thermal noise, which is relevant in microfluidics and laboratory-on-a-chip applications.