It is not nearly as long as it used to be at her old Grotto. If you go near the time the park opens, then you can see her with hardly any wait. We've done that on two trips now. We catch a ride or two and then go see her. We have not had to wait longer than 10 minutes, and it was probably more like 5 minutes.
It depends on the time of day (and time of year, perhaps). We went the first week in December, early evening, and I'd guess it didn't take more than 15-20 minutes to get through the line.
The grotto line actually moves quickly enough, and Ariel is out right from park open til park close, so there's lots of time to see her.
I find that I don't bother looking at the wait time at this location though, check out how long the line is, if it only curves once, you're golden, if it curves more than that, check back later!
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