Yup, that's Adult Link.. guess he decided to wait awhile before leaving the forest.
Notice the focus of the camera seems odd due to his size
Wow, she gave you the fairy Ocarina.. After you already got the Ocarina of Time. It'll replace it in your inventory too, but he'll still play the blue ocarina.
What's she staring at?
Yay! A fairy Ocarina! Just what I always wanted.
That moment seems so much creepier with him as an adult.
Look closely. Notice how they're now the same height? It seems something about the game decided they needed to be the same height, so Link kneels down.
Continuing to kneel, but backing away slowly.
Here's an odd one. It's in the moment after Link ran off screen. For the heck of it, I hit the levitation and he came popping out of the forest below. I've noticed this oddity in a couple other scenes. It seems whenever Link is in a scene, and he leaves, the game doesn't make him disappear. It probably can't So the game developpers just decide to "hide" him somewhere.