Fairy Bell

The Fairy Bell is a Hardmode item that summons a glowing creature resembling a Pixie (the Fairy buff), which follows the player and provides light for an infinite duration. It functions identically to the Light Orb, except that it is faster, brighter, and colored. The summoned Fairy will be blue, green, or red, chosen at random each time it is summoned. The Fairy Bell can be used limitlessly, consumes no Mana, and cannot be Reforged.

The Fairy is faster and brighter than the Light Orb, and so can be considered a direct upgrade. The Wisp in a Bottle can be considered an upgrade from the Fairy Bell.

Trivia

 * The Fairy could be a reference to games from the Legend of Zelda series, such as Phantom Hourglass, where players had access to 3 different Fairy colors.

History
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