When consumed, teleports you back to the Overworld to the last spot you used a Bed whether destroyed or not, or the default world spawn point if you haven't used a bed.
Stats
Max Stack Size: 1
Consume time: 1.6s (like food items)
Fun fact
This is blatantly obvious reference to Terraria's Recall Potion, the only difference being the item texture. This also is intentional, unlike the Sandgrave Bow
4.2.10: The item will (most of the time) stop the burp sound from playing after usage.
4.8.4: Drinking this item and having respawnLastClickedBed disabled will teleport it to the vanilla player spawn point instead of wherever a bed was last right-clicked.
5.7.2: Removed crafting recipe, going back to making tiny slimes drop this item with a 1/14 chance. This chance does not increase with Looting and only occurs if killed from a player.