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She will spawn in the air and die the first time you fast travel back there, so the masquerade quest you get later will be unavaliable
Olena is a horse which you can take from the Cumans who attack Skalitz. If you don't take her with you from Talmberg she stays there. Im trying to figure out a way to trade Pebbles for Olena, but I'm not sure of a way to go about it.
So is Olena noticeably better than the other horses you can ride? I wouldn't be surprised if they rewarded players that were observant enough to notice that one of the horses you can try to make your escape on has a name.