If your Wave 1 has been updated to the latest firmware (v31 or later), you can simply press once on the warming or cooling side of the light bar (after waking up your Wave) to restart a session with your last used settings!
For example, let's say you used your Wave for cooling and set the temperature to -11 degrees. The next time you want to use cooling, all you have to do is click the light bar once to wake up your Wave 1 and then click once on the cooling/blue side to go back to -11 degrees—no need to ramp down the temperature again.
TIP: You can do the same thing with the light bar in the app! Just tap once on the warming or cooling side of the light bar on the screen to return to your last settings.
If you do not have this update, just pair your Wave to the Wave 1 app. Once the app has finished updating the firmware, you'll be able to use this feature!