It is located behind the Narasimha temple. Lord Chaitanya and His associates performed water sports in this lake.
This water tank is half km from Gundicha temple. Mahaprabhu took water from here to cleanse Gundicha temple. There are 3 main temples here: Indradyumna Maharaja's temple on left side near tank, a large Saksi Gopala temple on right side and Nilakantesvara Mahadeva Siva temple mid-way down the stairs leading to the sarovara.
Mother Cow creates a huge lake: Millions of years ago during Satya-yuga, King Indradyumna performed ashvamedha-yajna (horse sacrifice) here. At that time he honoured the assembled Brahmins by donating 1000's of cows. While all those heavy cows were standing here, their hooves made a deep depression in the earth; creating a large lake. Lake became filled with water and cow urine. Since then it became a tirtha, a purifying place of pilgrimage. Skanda Purana says that this is the best of all tirthas. Chandana Yatra and Sitala-sthali festival are pompously celebrated here.