Molecular dynamics simulations are used to investigate the reorientation dynamics of liquid acetonitrile confined within a nanoscale, hydrophilic silica pore. The dynamics are strongly modified relative to the bulk liquid-the time scale for reorientation is increased by orders-of-magnitude and the dynamics become nonexponential-and these effects are examined at the molecular level. In particular, commonly invoked two-state (or core-shell) models, with and without consideration of exchange of molecules between the states, are applied and discussed. A rigorous decomposition of the acetonitrile reorientational correlation function is introduced that permits the approximations implicit in the two-state models to be identified and tested systematically. The results show that exchange is an important component of the nanoconfined acetonitrile reorientation dynamics and a two-state model with exchange can accurately describe the correlation. However, the faithfulness of the model is related to the separation of time scales in the two states, which exists for a wide range of definitions of the two states. This suggests that caution should be exercised when inferring molecular-level details from application of two-state models.