True Pitch Vibrato

True pitch vibrato is created by modulating the time on a 100% wet delay line. Think about it. Have you ever twisted the delay time knob on an analog delay to get those cool alien spaceship sounds? Same concept only the knob twisting is done via an LFO and there is no dry sound to water down the effect.

Perusing the Axe-Fx's available effect blocks, the chorus is the best fit for this task. Compared to the delay block, the chorus block allows smaller increments of time delay and doesn't have a feedback (regeneration) path which we don't need anyway.

Checking the Chorus block's basic parameters, we have VOICES which is how many voices our vibrato will have. If you want to nail the VB-2 you'll only need one voice. The minimum choice is 2, but we don't really have to vary but one of the voices. RATE is the rate of the LFO and is directly analogous to the rate control on the VB-2. DEPTH is how much the delay time varies.

According to Cliff, the LFO varies the delay time "bipolar" meaning that it adds and subtracts delay time from the nominal delay time which is set in the advanced parameter menu. MIX should be set 100% wet to vary the pitch of the original signal with no original signal present. TEMPO you can use if you want to lock the rate to a songs tempo.