This is a naturally playful pose for children to get into. I remember doing this all the time during my fun-filled days as a child.
Approach the pose from Setu Bandhasana (Bridge). There are a few key things to note here. Firstly, it is much easier to rest on the crown of your head before taking the second step to come up into full wheel. Secondly, as you push your hips up, the knees will tend to fall out to the sides. Try to keep the knees parallel to each other and toes pointing forward. In doing so, you will need to fully engage your buttock and thigh muscles. Thirdly, ensure your body weight is equally distributed between your palms and feet through your arms and legs accordingly. The idea is to push your chest forward and extend your arms from the shoulders until your elbows are as straight as possible. By then you should feel a good stretch in your abdominal muscles.
Usually after performing the Chakrasana, I will curl into a ball by hugging my knees to the chest to counter stretch and relax the back muscles.
Personally, this pose has strengthened and increased the flexibility of my spine, which helps a great deal in other back bending postures. Besides that, it also keeps the buttocks and thighs firm.