What's the difference between the licenses? Well, you could, of course, read them yourself ... but I'll be nice and let you know what it is.
Ms-PL: Basically, here it is. You can use it for what you want, including derivative works. If you distribute it, ya gotta keep the copyrights in place. If you distribute it as source, ya gotta do it under a compliant license.
Ms-RL: Similar to the Ms-PL, but includes that you have to include the source code (whether distributed as binary or not) when you distribute any file from the project. Note that it's just the file that you included ... nothing else. So ... any improvements or unique cool stuff you've done in a derivative work would appear to be yours.
Both are "as-is" ... take it, use it ... but don't blame us if it messes up.
Now ... one last thing ... I'm not a lawyer. I don't pretend to be. So don't take this as legal advice, blah blah blah. Talk to a lawyer for the final word, OK? And don't ask me to pay for it either.