From CloudModding OoT Wiki

This template is to be used on articles, or sections of them, that contain outdated information. This may be for any number of reasons, most likely because somebody has deciphered a new part of the game.

Parameters

All of these parameters are optional.

sect/section

The sect parameter (and its synonym, section), can be used to indicate that only the current section is outdated (as opposed to the whole article). It's recommended to use this if you're not putting the box at the top of the article.

Code Result
{{Update|sect=yes}}

small

This parameter can be used to indicate a small version of the box. This will only work if you enable sect! The value doesn't matter, so long as it's non-empty.

Code Result
{{Update|sect=yes|small=whatever}}

talk

This parameter can be used to refer to a specific portion of the talk page, or to another talk page altogether, if desired.

reason

The reason parameter can explain in more detail what's going on. This is important if it's not clear or obvious what the problem is. You can also specify it via the first positional parameter, but the reason parameter if present will take precedence.

Code Result
{{Update|now we know what that texture is for}}
{{Update|reason=turns out it isn't used after all}}
{{Update|reason=named|positional}}