Linear attention reduces the quadratic cost of softmax attention to O(T), but its memory state grows as O(T) in Frobenius norm, causing progressive interference between stored associations. We introduce \textbf{Variational Linear Attention} (VLA), which reframes the memory update as an online regularised least-squares problem with an adaptive penalty matrix maintained via the Sherman-Morrison rank-1 formula. We prove that normalising the write direction to unit length gives the recurrence Jacobian spectral norm exactly 1 for all sequence lengths and head dimensions (Proposition 2), and that the state norm is self-limiting under bounded inputs (Proposition 1). Empirically, VLA reduces ∥St∥F by 109× relative to standard linear attention at T=1,000, achieves near-perfect exact-match accuracy on multi-query associative recall within the effective per-head memory regime (npairs<dh), maintaining substantially higher retrieval performance than DeltaNet and standard linear attention under increasing memory load, and maintains 62% accuracy at the per-head capacity boundary. A Triton-fused kernel achieves 14× speedup over sequential Python and O(T) scaling, crossing below softmax attention latency at approximately 43,000 tokens.