This question can in fact not be answered at B-level, because ferro-magnetism is a quantum phenomenon. For normal metallic ferromagnets it's indeed the alignment of the electron spins, which can be measured by, e.g., the Einstein-de Haas effect. Ironically de Haas through away his result that the gyro-ratio was not unanimously 1, but Einstein of course thought that it must be 1 by assuming classical "Amperian ring currents" to be the source of the magnetic field, and indeed under that assumption you get a gyro-ratio of 1, but the modern quantum theory of spin-1/2, including the minimal-coupling assumption of the electromagnetic interaction when "gauging" the Dirac equation's symmetry under multiplication with a phase factor, leads to a gyro-ratio that is close to 2 (with the deviation from 2, the socalled anomalous magnetic moment, being due to radiative corrections, leading to one of the most accurately tested predictions of QED).