This is not red in any way, and it's probably a little overpowered as a blue creature too.

Red gets small fliers, like phoenixes. That's probably a type-exclusive thing, though. I'll try and change it to something else.

Red does not get small, efficient and common fliers. It gets stuff like Goblin Balloon Brigade or Impetuous Sunchaser. And this beats Welkin Tern (which is as good a cheap mono-blue flier gets) by quite a length. A 2/1 flier without downsides needs to cost at least .

­Stratus Dancer is the first time in the history of the game that they made a 2/1 flier without downside for two mana, and that's a rare. They have not even made one a UU! This is exceedingly above curve for red OR blue.

Changed to ": ~ gains flying until end of turn."

Whoops, I see you addressed only blue 2/1 fliers. Still, there's Tidehollow Strix, which additionally has deathtouch. ­Groundling Pouncer seems to be the closest match to this card's current incarnation.

Now it's a variation on Stream Hopper. I didn't mention Tidehollow Strix becaus ethere's a world of difference between a gold card and a hybrid card. I'm still highly dubious about this. I'd rather consider a 1/3 with ": Switch P/T here/"

This seems fine to me now. Costing mana to fly makes a world of difference. The flavour is pretty similar to Leaping Master. (That had a really inefficiently costed ability, but I could see playtesting or balancing ending up applying the same cost increase here.)

(Oh, um, and "liege" means "lord", and I'd assume this is meant to be a djinn with Taigam as the djinn's lord, not the djinn that Khan Taigam calls lord.)