The problem of power-delay tradeoffs in transistor sizing is examined using a nonlinear optimization formulation. Both the dynamic and the short-circuit power are considered, and a new modeling technique is used to calculate the short-circuit power. The notion of transition density is used, with an enhancement that considers the effect of gate delays on the transition density. When the short-circuit power is neglected, the minimum power circuit is identical to the minimum area circuit. However, under our more realistic models, our experimental results on several circuits show that the minimum power circuit is not necessarily the same as the minimum area circuit.