From Sonic Retro
The Super Peel Out, known as the Dash (ダッシュ) in Japan, is a technique used in Sonic the Hedgehog CD, and also appeared as the Strike Dash (ストライクダッシュ) in Sonic Chaos and Sonic Triple Trouble.
Holding and Jump will charge up a Peel Out and make Sonic's feet form a figure-8/infinity sign (∞), and releasing will send the player zooming off at high speed to whatever direction they'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 disadvantage that, unlike a Spin Dash in Sonic CD, crashing into a Badnik during this move will hurt Sonic, not the enemy. In the 8-bit games, Sonic is invincible for a few seconds after performing the move, allowing him to use it as an attack.
This move can be unlocked in Sonic Mania by collecting at least one Medallion in the Bonus Stage. When enabled in the Secrets menu by setting the Sonic Style setting to "CD", it will replace the Drop Dash, and will change Sonic's animation for running at very high speeds to the one from Sonic CD.