Ice Rod

The Ice Rod is a magic weapon which summons static ice blocks. It is bought from the Wizard for 1 Platinum. The ice blocks it summons lasts about five seconds and appear to cast a dim light, making this not only useful for quick platform making, but a, incredibly temporary, small light source. To summon an ice block, it costs 7 mana points. You can also use this with a Grappling Hook to get to the top of the world and other high areas, such as a Floating Island, easier, a Dual Hook or Ivy Whip is recommended for this, as you can shoot out more then one hook. You could also simply make "stairs" of ice if you don't have a hook, but it would take a bit longer.

Before 1.1 release Ice Rod was shown in a dev blog post and the 1.1 trailer.