Please, pleeeeease , don't succumb to a common mistake of thinking of it as "An-under-minute-waltz".
It would be called a "Bumblebee waltz" then.! No, the title of the piece means a delicate, petite, small-sized , exquisite -- like a piece of a sparkling jewelry - think of the expression "in minute detail".
That' s the meaning.
Incidentally it is called "Valse du petit chien", "A little doggie waltz" in French. How it happened? Actually a friend of Chopin's and his biographer cited a little playful puppy running rounds trying to catch its tail - as an inspiration for this piece. Whatever :-)