Ice Rod

The Ice Rod is a magic weapon which can also summon 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 damage and quick platform making, but also making an 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 than one hook. You could also simply make "stairs" of ice if you don't have a hook, but it would take a bit longer.

The rod will fire an ice chunk that will solidify into a 1x1 [non-slippery] block wherever you click. The block lasts for several seconds. If you fire at that location again, the shard will pass through your block and keep going. One combat use of this is to click in a small arc in front of you to create an ice 'shield', then fire through it at enemies.

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