Short rests require an hour in which
a character does nothing more strenuous than eating, drinking, reading, and tending to wounds.
(PHB, page 186.)
Eldritch Master takes one minute, and doesn't specify what you can and can't be doing in that time. It's unclear (i.e. open to DM ruling) if you have to spend that minute doing nothing except entreating your patron, but even if that's true, sometimes, you don't have an hour. If you're running away from something, you might just be able to get a minute lead on it to quickly get your spells back. An hour lead is a lot less likely.
A minute is a very short time out of combat, and even in combat, it's 10 rounds. In a protracted fight you could probably pull this off. In a really protracted fight, you might need to. For example, if you're fighting the Tarrasque, your Eldritch Blast will be entirely useless. Once you're out of spell slots, you're going to be standing around doing nothing. (Slight exaggeration.) Your allies might be able to keep you alive for 10 rounds so that you can get some spells which have a chance of achieving something.
It shouldn't need pointing out, but an hour is 600 rounds, which is just not going to be possible in any combat. (Unless you're fighting a Dire Half-Dragon Fiendish Snail or something, but that's just getting silly.)
Of course, all of this is somewhat pointless if your DM is ok with you doing other things during the minute it takes to use this. For example, even if you're only allowed to use your movement, running around for a minute screaming at your patron for help seems completely achievable. If your DM rules that you can fight as normal during that minute, then this feature might actually be too powerful. Get into a fight with a tough enemy? Start praying to your patron. That gives you 10 rounds to use all your resources, at the end of which you just get them back immediately. Personally, I wouldn't be quite that lenient, but that's up to your DM.
What level find familiar is cast at depends on how the warlock casts it.
When she gains the Pact of the Chain class feature, the warlock learns find familiar. It doesn't count against her spells known, but nothing in the ability text prevents her from casting it with her spell slots. If she casts it with her spell slots, it works exactly like any other spell she knows how to cast. If she is 5th level when she casts it, she casts it as a third-level spell.
In addition, the warlock gains the ability to cast find familiar -- and only find familiar -- as a ritual. When a spell is cast as a ritual, it always uses the normal spell level of a spell. When the warlock casts find familiar as a ritual, she casts it as a first-level spell no matter what her warlock level may be.
Best Answer
It's expended, not expanded. Expended means it is used up.
Lets say you have one spell slot, it is level one because you picked warlock.
You use one casting a level one spell.
You can't use that one anymore because it is used up, until you take a short or long rest.
So till then, you can only use cantrips.