A composition for rejuvenating asphalt pavement according to the present invention comprises an asphalt binder, water, a cationic surfactant, a recycling agent, and a cationic, co-agglomerated styrene butadiene rubber latex, which includes sulfur and a vulcanizing agent. The composition is also useful as a scrub seal, fog seal, sand seal as well as for crack filling and the prevention of reflective cracking. The inventive composition may be used in emulsions with different setup times. The invention also includes a method for treatment of aged and cracked asphalt by application of the disclosed compositions.