The instructions said the picot should be made up of three air Chain stitches.
I have found that the picot is not only smaller but sits better if only two chains are made. However with a smaller, tighter picot the stitch looks very similar to #117 French Knotted Lazy daisy Stitch.
Make a third chain and the picot becomes bigger and more untidy, and more distinct as a picot stitch....
This is turning into stitch philosophy!
You can see the difference in the size on the
Teal Wool Tailoring Scribble Cloth
Yellow = 118 Lazy Daisy Picot Stitch
Pink and purple = 117 French Knotted Lazy Daisy Stitch
Sunday Stitch School Reference Chart,
you can also see the difference between them.
117 on the left and 118 on the right.