Continue south and a cutscene will happen with Kaepora Gaebora - an owl - and you will learn the Song of Soaring, which allows Link to warp to any activated Owl Statue.
There are also two new items to use in the game, such as the Golden Ocarina which on levels that feature OwlStatues, (which you'll have to run over to and activate,) enables you to warp to them in a moment's notice.