Photonic quantum information experiments demand bright and highly entangled photon pair sources. The combination of periodic poling and collinear excitation geometry allows the use of considerably longer crystals for parametric down-conversion. We demonstrate a picosecond-pulsed laser pumped source of high quality polarization entangled photon pairs. The phase of the output biphoton state is affected by the relative phase of the two-color interferometer and the phase of the nonlinearly interacting Gaussian beams. We measure the influence of these onto the phase of the output state. The presented source is a promising candidate for a compact, semiconductor laser driven source of entangled photon pairs.