This paper presents a new silicon physical unclonable function (PUF) based on a transient effect ring oscillator (TERO). The proposed PUF has state of the art PUF characteristics with a good ratio of PUF response variability to response length. Unlike RO-PUF, it is not sensitive to the locking phenomenon, which challenges the use of ring oscillators for the design of both PUF and TRNG. The novel architecture using differential structures guarantees high stability of the TERO-PUF. The area of the TERO-PUF is relatively high, but is still comparable with other PUF designs. However, since the same piece of hardware can be used for both PUF and random number generation, the proposed principle offers an interesting low area mixed solution.