Note: This DOES NOT work with touchscreen input, and therefore it doesn't work in the original release. You must have the Scribblenauts Collection 2-in-1 card/ROM in order to use buttons.
Copied from description: The input for performing this glitch is incredibly simple: just do a jump (B, X, or up) while holding left/Y or right/A, release all inputs, then press a jump button again. You can also hold either direction before doing the second jump, as shown here where I hold right to jump straight to the Starite in A1-1.
There is no limitation on this trick in terms of which direction your first or second jump goes, so you could turn around midair, although you'll have to keep Maxwell's massive jumping inertia in mind. The only thing you'll have to worry about is how fast you let go of and repress the buttons, so that you reach max height without Maxwell falling too far in between jumps.
Edit: the main use of this glitch is in levels like these, where it is very easy to grab the starite by double jumping. This is somewhat faster than going into the sketchpad and using an item. Another example of this is the first "action" level in the tutorial world, where there is a ledge that is just too high to jump up legally.
On the original release the control scheme setting isn't there, and in its place is the language. (You can't even access the options from the main screen; you have to open a save file first.)
On the Japanese version that option is replaced by the keyboard setting (full kana or just qwerty keyboard). I assume the European release also has a language setting like the American cart, that is if the release is at all different. So as far as I know, the Collection version is the only one that allows for button control, and consequently this glitch.
Rules have been updated to have more clear wording. This does not affect the actual requirements for any categories; the changes only serve to make the requirements for timing and differences between categories more clear. If something still doesn't make sense, let me know and I'll look into it.