The S1-S0 limiting anisotropy of a widely used fluorophore, rhodamine 101, is determined with unprecedented accuracy. From time-resolved and steady-state fluorescence measurements in several solvents, it is shown that the limiting anisotropy of rhodamine 101 is for all practical purposes equal to the theoretical one-photon fundamental anisotropy value of 2/5, both in rigid and in fluid media. This fact, along with the favorable chemical and photophysical properties of rhodamine 101, point to its use as a standard for fluorescence polarization measurements. It is also shown that if the excitation pulse can be considered a delta impulse with respect to the time scale of the anisotropy decay (but not necessarily to the time scale of the intensity decay), then no deconvolution procedure is needed for anisotropy decay analysis.