Eggnog

The heal is smaller than a Restoration Potion, but the sickness afterwards is shorter by the same proportion. Over a long fight that trade favors the eggnog, because your health comes back in more, smaller installments instead of one lump and a long wait. In practice you can drink through a bad phase rather than sitting on an empty cooldown watching it happen. A Philosopher's Stone or Charm of Myths shrinks the gap further and makes the difference more obvious.

It only falls out of Presents, which only appear during the Christmas window, so a normal world sees it for a couple of weeks a year and then it is gone. The jingle all the way world seed leaves the event running permanently, which is the reliable way to stock a chest of these while still in pre-Hardmode.