Described herein is an emulsion for use in asphalt rejuvenation applications, comprising an oil phase comprising (1) a polymerized oil comprising a polymeric distribution having about 2 to about 80 wt % oligomer content, a polydispersity index ranging from about 1.0 to about 5.0, and sulfur content less than about 8 wt %; and (2) an aqueous phase, comprising a surfactant. The emulsion may be incorporated into asphalt paving, roofing, and coating applications and especially aged or recycled asphalt thereby obtaining rejuvenated asphalt.