In accordance with an embodiment, a circuit includes a power conversion circuit including an inductor and configured to convert an input voltage to an output voltage in accordance with at least one switching signal. The circuit further includes a first current sense circuit configured to generate a current sense signal that represents an inductor current, a voltage sense circuit configured to generate a voltage sense signal that represents the output voltage, and a switching controller including an error amplifier configured to generate an error signal representing the difference between a reference voltage and the voltage sense signal. The switching controller further includes an oscillator circuit configured to generate, for pulse frequency modulation (PFM) operation of the power conversion circuit, the switching signal as a sequence of pulses with a pulse repetition frequency that depends on the error signal and the current sense signal.