Five Elements Unseal is a direct counterpart technique of Five Elements Seal.
This technique can be used to remove fūinjutsu of up to equal power, like its counterpart. In the anime, Orochimaru stated that the Sannin and Hiruzen Sarutobi could also perform this technique. Also in the anime, while used by Orochimaru it appears to be strong enough to break the Iron Armour Seal.
When Jiraiya performs this technique on Naruto, the "Five Elements" referred to in the name are the Chinese Five Elements, the Five Movements (五行, Japanese: Gogyō, Chinese: Wǔxíng):
Metal (金, Chinese: jīn),
Wood (木, Chinese: mù),
Water (水, Chinese: shuǐ),
Fire (火, Chinese: huǒ),
and Earth (土, Chinese: tǔ).
This suggests the elements are merely symbolic. However, when Kazuma performs this technique on Sora, the five elements are shown as the five chakra elements used in most other techniques, the Five Greats (五大, Godai):