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"Grants a haste effect, which boosts your movement speed while running, swimming, or climbing."
It can be made by using a speed-based creature, such as a Hightail Lizard, in conjunction with Monster Parts over a Cooking Pot. The length and efficiency of the Elixir will vary depending on the amount and type of parts used.
The Elixir, as all of the speed-increasing meals, does not affect the cost of stamina spent, and the Stamina Wheels deplete at the same rate as regularly. This also applies to actions like climbing. They also don't affect the speed when Link wears the Zora Armor to swim up waterfalls.