Lightning Element is the fastest and also has the greatest piercing power due the velocity at which it strikes.
Most lightning jutsus attack the opponent once, though with incredible velocity and power, which is usually enough to penetrate earth type jutsus.(Chidor/Raikiri/Hellstab, Lightning Armor etc.) Also earth conducts electricity due to the amount of minerals and substances in the earth that conduct electritity as well. Thats why it is considered the weaker element in comparison.
However, it is weak to wind element due to its free nature. You simply can't cut through wind as it will always hit you no matter where you are. Wind jutsus also causes a wide area of damage in comparison to lightning type jutsus, which only focuses on one single point.
Also while the duration of Lightning jutsus attacks only last for a few seconds, Wind type jutsus are capable of lasting for a very long time.
So think about it like this - Which causes more damage, a lightning bolt or a hurricane?
I always used to think of the elements this way:
OFFENSIVE SPEED DEFENSIVE
WIND FIRE LIGHTNING WATER EARTH
So lightning would be the best when it comes to speed. It would be more offensive than water and earth, but less offensive than wind or fire.
Think about it like this:
OFFENSE SPEED CONTROL DEFENSE
FIRE LIGHTNING WIND WATER EARTH
Fire - pure offense/destructive capability, but very little control and defense
Lightning - incredible speed/power, but with little control
Wind - the most versatile with good defense, offense, and speed. The easiest element to control.
Water - like wind, it is also very veratile with good offense, defense, speed and control, though has better defensive capabilities since it is more solid than air.
Earth - The best in defense with decent speed, and control due to the abundance of it. Just a bit lacking in offense more than the others simply because it its limited as to how it can move.