  We describe observations of the 2003 outburst of the hard-spectrum X-ray
transient 4U 1901+03 with the Rossi X-ray Timing Explorer. The outburst was
first detected in 2003 February by the All-Sky Monitor, and reached a peak
2.5-25 keV flux of 8x10^-9 ergs/cm^2/s (around 240 mCrab). The only other known
outburst occurred 32.2 yr earlier, likely the longest presently known
recurrence time for any X-ray transient. Proportional Counter Array (PCA)
observations over the 5-month duration of the 2003 outburst revealed a 2.763 s
pulsar in a 22.58 d orbit. The detection of pulsations down to a flux of
3x10^-11 ergs/cm^2/s (2.5-25 keV), along with the inferred long-term accretion
rate of 8.1x10^-11 M_sun/yr (assuming a distance of 10 kpc) suggests that the
surface magnetic field strength is below ~5x10^11 G. The corresponding
cyclotron energy is thus below 4 keV, consistent with the non-detection of
resonance features at high energies. Although we could not unambiguously
identify the optical counterpart, the lack of a bright IR candidate within the
1' RXTE error circle rules out a supergiant mass donor. The neutron star in 4U
1901+03 probably accretes from the wind of a main-sequence O-B star, like most
other high-mass binary X-ray pulsars. The almost circular orbit e=0.036
confirms the system's membership in a growing class of wide, low-eccentricity
systems in which the neutron stars may have received much smaller kicks as a
result of their natal supernova explosions.
