The Teleport Jump is thought of as a glitch or exploit which is likely to be patched in the future. To perform it, jump and then hold the teleport button. Release it as you are at the peak of your regular jump and you will get a large momentum boost that will have propelled you upwards. This allows you to jump far higher than normal.
This is a highly useful escape mechanism that is excellent combined with Froggy's already impressive leap, as well as Lonestar's agility.