We present theoretical and experimental studies concerning the realization of a rubidium vapor cell frequency standard based on the pulsed optical pumping (POP) technique. This technique is extremely powerful since it avoids in principle the light shift effect and the noise conversions from the laser to the clock signal. The detection of the clock transition in the microwave domain (the so called POP maser) has been extensively investigated at INRIM and a frequency stability of 1.1 × 10-12τ-1/2 has been measured until integration times of 105 s, reaching the level of 5 × 10-15 (drift removed). The optical detection is still under evaluation but this technique may lead in effect to some advantages with respect to the microwave detection, such as a lower or negligible cavity pulling, a lower operation temperature (which implies a lower spin exchange contribution) and a higher signal-to-noise ratio. All these features may lead to a better frequency stability performance than that previously reached.