eyelet / islet are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
eyelet: (noun) a small hole (usually round and finished around the edges) in cloth or leather for the passage of a cord or hook or bar.
islet: NA
eyelet: AY·l·ah·t
islet: AY·l·ih·t
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)