According to the Telegraph, an unnamed Latin America adviser to Obama says that travel restrictions to Cuba will be lifted "fairly quickly."
An adviser to Mr Obama said: "Cubans will be less dependent on the state for money and they will have greater contact with their relatives in the US. That can only aid understanding." Those changes require only a presidential order. The adviser said: "He could do it on day one. Obama has a lot on his plate with the economy so Cuba will not be top of his list but I'd expect it to happen fairly quickly."
Remember that this is not related to the laws that govern the embargo, which requires congressional action. Nonetheless, it would be a step in the right direction.