From Wikipedia:
This Microsoft license allows for distribution of derived code so long
as the modified source files are included and retain the Ms-RL. The
Ms-RL allows those files in the distribution that do not contain code
originally licensed under Ms-RL to be licensed according to the
copyright holder's choosing. This is equivalent to the CDDL, EPL or
LGPL (GPL with a typical "linking exception").
i would say this license is LGPL like.
For any file you distribute that contains code from the software (in
source code or binary format), you must provide recipients the source
code to that file along with a copy of this license, which license
will govern that file.
As long as your source files do not contain code from the software with this license, you don't have to apply the MS-RL to those files. The license is still attached to the "files" containing MS-RL code.
Typically you would license the entire software any way you wish, then add an exception for the files containing MS-RL code.
Disclaimer: I'm not a lawyer and i could be wrong.