Super Peel Out

From Sonic - Wiki on Neoseeker

The Super Peel Out is a feature implemented in Sonic CD. Holding Up and Jump will charge up a Peel-Out, and releasing Up will send you zooming off at high speed to whatever direction you're facing. It differs from the spindash in that it is slightly faster and is done from a standing position.

The difference between Sonic's Spin Dash and this is that spin dash damages enemies who get in his way due to his curled attacking pose, while the Super Peel Out leaves Sonic vulnerable to attack.