An optical setup able to generate arbitrary states of polarization (SOPs) with customized degree of polarization is presented in this Letter. Compared with the few alternatives existing in literature, it presents an easy-to-build optical setup and leads to a superior performance. In fact, experimental results are presented, providing an accurate control for the generation of SOPs (maximum error of 1.7% and 3.3% for ellipticity and azimuth, respectively) as well as for the associated degree of polarization (full experimental variation from 1 up to 0.003, with a 1.7% maximum error). The system proposed may be useful for different applications, for example, for polarimeters testing, speckle metrology, and biological applications.