Without doing any significant research, I'm going to suggest/guess that it means "restrict localhost" in the IPv6 addressing scheme. This would be comparable to the IPv4 statement "restrict 127.0.0.1" except it is for IPv6.
As to what the "restrict" option means and does, check the man page for ntpd or ntp.conf (though I realize the ntp man pages last time I used them, left much to be desired. You will perhaps have better success using Google to search for sample ntp.conf files and adjusting one to your needs; that's what I did after giving up trying to use the man page advice to create my own file)
Sasha
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