  After 3 years of quiescence, the globular cluster NGC 6440 exhibited a bright
transient X-ray source turning on in August 2001, as noted with the RXTE
All-Sky Monitor. We carried out a short target of opportunity observation with
the Chandra X-ray Observatory and are able to associate the transient with the
brightest of 24 X-ray sources detected during quiescence in July 2000 with
Chandra. Furthermore, we securely identify the optical counterpart and
determine that the 1998 X-ray outburst in NGC 6440 was from the same object.
This is the first time that an optical counterpart to a transient in a globular
cluster is securely identified. Since the transient is a type I X-ray burster,
it is established that the compact accretor is a neutron star. Thus, this
transient provides an ideal case to study the quiescent emission in the optical
and X-ray of a transiently accreting neutron star while knowing the distance
and reddening accurately. One model that fits the quiescent spectrum is an
absorbed power law plus neutron star hydrogen atmosphere model. We find an
intrinsic neutron star radius of 17_{-12}^{+31} km and an unabsorbed bolometric
luminosity for the neutron star atmosphere of (2.1+/-0.8)E33 erg/s which is
consistent with predictions for a cooling neutron star.
