We present theoretical and experimental results on the generation and detection of pulsed, relative-intensity squeezed light in a hot 87Rb vapor. The intensity noise correlations between a pulsed probe beam and its conjugate, generated through nearly degenerate four-wave mixing in a double-lambda system, are studied numerically and measured experimentally via time-resolved balanced detection. We predict and observe approximately − 1 dB of time-resolved relative-intensity squeezing with 50 ns pulses at 1 MHz repetition rate. (− 1.34 dB corrected for loss).