No, the form is accidental. Instead it's onomatopoeic, which can be deduced by it's cognates in:

Greek ololyzein [ὀλολύζειν], Sanskrit ululih "a howling," Lithuanian uluti "howl," Gaelic uileliugh "wail of lamentation," Old English ule "owl".

Greek diminutives aren't formed by a lambda.

  That Latin's diminutives do is coincidence.

No, the form is accidental. Instead it's onomatopoeic, which can be deduced by it's cognates in:

Greek ololyzein [ὀλολύζειν], Sanskrit ululih "a howling," Lithuanian uluti "howl," Gaelic uileliugh "wail of lamentation," Old English ule "owl".

Greek diminutives aren't formed by a lambda. That Latin's diminutives do is coincidence.

No, the form is accidental. Instead it's onomatopoeic, which can be deduced by it's cognates in:

Greek ololyzein [ὀλολύζειν], Sanskrit ululih "a howling," Lithuanian uluti "howl," Gaelic uileliugh "wail of lamentation," Old English ule "owl".

Greek diminutives aren't formed by a lambda.

No, the form is accidental. Instead it's onomatopoeic, which can be deduced by it's cognates in:

Greek ololyzein [ὀλολύζειν], Sanskrit ululih "a howling," Lithuanian uluti "howl," Gaelic uileliugh "wail of lamentation," Old English ule "owl".

Greek diminutives aren't formed by a lambda.

That Latin's diminutives do is coincidence.