Highly stable aluminum nanoparticles (NPs) are generated via ablation of bulk Al in ethanol using either femtosecond (fs) or picosecond (ps) laser sources. The colloidal NPs solutions obtained with fs pulses exhibit a yellow coloration and show an increased optical absorption between 300 and 400 nm, tentatively assigned to the plasmon resonance of nanosized Al. The corresponding solutions after ps ablation are gray colored and opalescent. The average size of the NPs formed ranges from 20 nm for the fs case to 60 nm for the ps case, while a narrower distribution is obtained using the shorter pulses. High Resolution Transmission Electron Microscopy (HRTEM) studies indicate that the NPs are mostly amorphous with single crystalline inclusions. Al NPs generated with short laser pulses slowly react with air oxygen due to the presence of a native oxide cladding, which efficiently passivates their surface against further oxidation.