We report the realization of a bright ultrafast type II parametric down-conversion source of twin beams free of any spatiotemporal correlations in a periodically poled KTiOPO4 (PP-KTP) waveguide. From a robust, single-pass setup it emits pulsed two-mode squeezed vacuum states: photon-number entangled pairs of single-mode pulses or, in terms of continuous variables quantum optics, pulsed Einstein-Podolsky-Rosen states in the telecom wavelength regime. We verify the single-mode character of our source by measuring Glauber correlation functions g(2) and demonstrate with a pump energy as low as 75 pJ per pump pulse a mean photon number of 2.5.