No it has a different flavor from regular lemonade.

Q: What is "pink" lemonade, and how does it differ from "regular" lemonade. Besides color, obviously.

A: Pink Lemonade is regular lemonade with an extra ingredient (invariably red in color) that alters the flavor, almost always for the sweeter. What that extra ingredient is varies, but it is usually a red fruit juice or syrup. The most common choices are cranberry juice, cherry juice, strawberry juice, or grenadine; take your pick.