At level 1, you can teleport to a random spot on the same map. At level 2, you can also choose to teleport to your save point. When Teleportation is actually cast, a window will appear showing the available options (including cancel).
You must actually select an option by clicking or with the up/down arrow keys and pressing enter for the effect to occur. Once you actually teleport, you will count as having "just entered the map". This means that Aggressive monsters won't see you for 3 seconds or until you move.

Teleports caster to other area.
Can't be used in an area that protected by Land Protector.