Water-based Liquid Scintillator (WbLS) is a novel detector medium for particle physics experiments. Applications range from the use as hybrid Cherenkov/scintillation target in low-energy and accelerator neutrino experiments to large-volume neutron vetoes for dark matter detectors. Here, we present a novel WbLS featuring new components (the surfactant Triton-X and vitamin C for long-term stability), a new production recipe, and a thorough characterization of its properties. Moreover, based on neutron scattering data we are able to demonstrate that the pulse shape discrimination capabilities of this particular LS are comparable to fully-organic LAB based scintillators.