Wordplay - "Owl" being used to say "I will"?

Is there a name for a type of wordplay such as "owl" being used to say "I will"?

I did realize this was a pun, but hoped there were perhaps more specific categories of puns. I'm looking for some kind of reference material for a neighbor who wants to use written puns in a craft project.

Solution 1:

Peter Shor is right; that is a pun, just like, "Orange you glad I didn't say banana?" (cringe) (:

Solution 2:

If you were to subcategorise it, it is a homophonic pun, as opposed to a homonymic pun.

Where a homophonic pun is where you play on two words with different meanings sounding the same, and a homonymic pun is where you play on the multiple meanings of a single word.

An example of a homonymic pun, albeit more of a play on words than something funny would be a family heirloom sword awarded for distinguished and loyal service being called 'Cleaver'. This is because you can cleave together, as in come together or stick fast to, or cleave apart, as in split or sever.