While guacamole is more solid with avocado, tomatoes, onions, chiles, spices, etc., Guacamolito is more salsa-like, more liquid in nature and used like a sauce atop of items.
"And it get's even awesomer when we take a deep-fried gordita shell, smear on a layer of our special guacamolito sauce, and wrap that around the outside!" Narrator, "Taco Town" commercial
"Emily showed up to the party in bright clothing and thigh-boots, and a hat made out of tin foil, then when 'Paparazzi' came on she dropped everything and started freaking with the nearest guy!!"