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From Sonic Retro

The Super Peel-Out is a technique used only by Sonic the Hedgehog. It first appeared in Sonic the Hedgehog CD, reoccuring in Sonic Chaos, Sonic Triple Trouble, and Sonic Blast. Holding and Jump will charge up a Peel-Out, and releasing will send you zooming off at high speed to whatever direction you're facing. It differs from the Spin Dash in that it is slightly faster and is done from a standing position, but suffers from the critical disadantage that, unlike a Spin Dash, crashing into a badnik during this move will hurt Sonic, not the enemy.

Trivia

The Super Peel-Out is used as one of Sonics taunts in the game Super Smash Bros. Brawl.