Personal Waypoints are consumables which create a waypoint at the spot they are used. The waypoint takes 10-15 seconds to deploy, and is only usable for the person who used the item.
Two kinds of Personal Waypoints exist, One-Way Personal Waypoints and Two-Way Personal Waypoints, one allowing you to teleport to a waypoint, but not back, and the other allowing you to teleport back.
You may only ever have 1 waypoint active at any given time. New waypoints will remove any previous.