  We report the realization of a bright ultrafast two-mode squeezer based on
type II parametric downconversion (PDC) in periodically poled
$\mathrm{KTiOPO_4}$ (PP-KTP) waveguides. It produces a pulsed two-mode squeezed
vacuum state: a photon-number entangled pair of truly single-mode pulses or, in
terms of continuous variables quantum optics, a pulsed, single mode
Einstein-Podolsky-Rosen (EPR) state in the telecom regime. We prove the single
mode character of our source by measuring its $g^{(2)}$ correlation function
and demonstrate a mean photon number of up to 2.5 per pulse, equivalent to 11dB
of two-mode squeezing.
