We demonstrate 503MHz fundamental high repetition rate operation in a ring cavity passively mode-locked Yb:fiber laser incorporating a novel wavelength-division-multiplexing collimator and a piece of all-solid photonic bandgap fiber. The Yb doped fiber was directly fabricated as one fiber pigtail into the functional collimator, greatly shortening the cavity length and facilitating the splicing operation. A 5cm long photonic bandgap fiber with abnormal dispersion at the lasing wavelength (centered at 1030nm) decreases the net dispersion for shorter output pulses. The spectral bandwidth of the pulse was 34nm. The direct output pulse was measured to be 156fs and the dechirped pulse was about 76fs. With this innovative Yb:fiber pigtailed WDM collimator, the ring cavity laser has the potential to work at a repetition rate up to GHz.