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Due to the noises in crowdsourced labels, label aggregation (LA) has emerged as a standard procedure to post-process crowdsourced labels. LA methods estimate true labels from crowdsourced labels by modeling worker qualities. Most existing LA methods are iterative in nature. They need to traverse all the crowdsourced labels multiple times in order to jointly and iteratively update true labels and worker qualities until convergence. Consequently, these methods have high space and time complexities. In this paper, we treat LA as a dynamic system and model it as a Dynamic Bayesian network. From the dynamic model we derive two light-weight algorithms, LA\textsuperscript{onepass} and LA\textsuperscript{twopass}, which can effectively and efficiently estimate worker qualities and true labels by traversing all the labels at most twice. Due to the dynamic nature, the proposed algorithms can also estimate true labels online without re-visiting historical data. We theoretically prove the convergence property of the proposed algorithms, and bound the error of estimated worker qualities. We also analyze the space and time complexities of the proposed algorithms and show that they are equivalent to those of majority voting. Experiments conducted on 20 real-world datasets demonstrate that the proposed algorithms can effectively and efficiently aggregate labels in both offline and online settings even if they traverse all the labels at most twice.