Technically, Lysol aerosol is banned for carryon AND in checked baggage, as is spray starch and static-cling spray. Size doesn't matter, because this isn't a "liquids" issue; it is a flammability issue. It is banned by the FAA, not the TSA, though the TSA is charged with enforcement of the rule.
The rule for aerosols is that to be allowed in baggage, they must be intended for application to the human body. If you're not supposed to spray it on your skin or hair, then you are not supposed to pack it in your baggage.
That being said, people often get away with it. If TSA has reason to look in your bag and they see it, they will confiscate it, but if they see it only on the x-ray they are likely to think it is hairspray and let it pass. If the tiny can is seen in your 3-1-1 baggie it will be confiscated, but I've known people who put a sticker over the label and get it through. There is no punishment for carrying it; they just take it away from you.