  We provide a new description of the N\'eron model of the Jacobian of a smooth
curve $C_K$ with stable reduction $C_R$ on a discrete valuation ring $R$ with
field of fractions $K$. Instead of the regular semistable model, our approach
uses the regular twisted model, a twisted curve in the sense of Abramovich and
Vistoli whose Picard functor contains a larger separated subgroup than the
usual Picard functor of $C_R$. In this way, after extracting a suitable $l$th
root from the uniformizer of $R$, the pullback of the N\'eron model of the
Jacobian represents a Picard functor $Pic^{0,l}$ of line bundles of degree zero
on all irreducible components of a twisted curve. Over $R$, the group scheme
$Pic^{0,l}$ descends to the N\'eron model yielding a new geometric
interpretation of its points and new combinatorial interpretations of the
connected components of its special fibre. Furthermore, by construction,
$Pic^{0,l}$ is represented by a universal group scheme $Pic^{0,l}_{g}$ of line
bundles of degree zero over a smooth compactification $\overline{M}_g^l$ of
$M_g$ where all N\'eron models of smoothings of stable curves are cast together
after base change.
