  We find a new Penrose limit of AdS_5*S^5 that gives the maximally symmetric
pp-wave background of type IIB string theory in a coordinate system that has a
manifest space-like isometry. This induces a new pp-wave/gauge-theory duality
which on the gauge theory side involves a novel scaling limit of N=4 SYM
theory. The new Penrose limit, when applied to AdS_5*S^5/Z_M, yields a pp-wave
with a space-like circle. The dual gauge theory description involves a triple
scaling limit of an N=2 quiver gauge theory. We present in detail the map
between gauge theory operators and string theory states including winding
states, and verify agreement between the energy eigenvalues obtained from
string theory and those computed in gauge theory, at least to one-loop order in
the planar limit. We furthermore consider other related new Penrose limits and
explain how these limits can be understood as part of a more general framework.
