We visited tsagaan suvraga — the white stupa cliffs – three times: in the afternoon on the way to the ger camp, in the evening for sunset, and in the morning for sunrise. Of the three the sunrise was the best, as it had the best light. A decent night's sleep didn't hurt, either!
According to various web sites the cliffs are limestone. I was guessing bentonite clay, based on the similarity with Alberta's badlands, but as I didn't bring back a sample for chemical analysis I guess I'll have to trust the internet. After all, my geology studies were three decades ago and I can't honestly claim to have kept up very much.
I haven't been able to find much online about this area. The various tourism sites mention that it is an old seabed (which is obvious from the sedimentary structure) and that the different colours represent different times (of course, as it's sedimentary). One claimed that the erosive structure was formed by the wind, but I'm not certain I believe that as it looks like water erosion to me. The only geological reports I could find referred to a copper and molybdenum mine in south-east Mongolia — a different formation with the same name.
Interestingly enough, the private mining company that is developing the coper mine is also involved in luxury tourism projects. Like Chinese companies, Mongolian companies seem to invest in a wide variety of disparate enterprises.