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This magical umbrella can do it all! Well, when it comes to flying at least... it doesn't actually do the folding thing very well due to being based on a Japanese parasol.
To fly and float, while holding the Lumbrella, press and hold "R" then jump!
...Just don't try and fold the umbrella, seriously, the last person who tried that ended up rolling on the floor in agony for a non-negligible world record setting amount of time.