ailin ("g.sg. ailinen", in Tolkien's later Quenya dat.sg.) "pool, lake" (AY, LIN1, LT2:339). Fem. name Ailinel (likely Ailinell-), perhaps ailin + the feminine ending -el (as in aranel "princess"), hence "Lake-woman" or similar (UT:210).
Quenya
aranel
princess
aranel
noun. princess
ailin
g.sg. ailinen
aranel noun "princess" (likely *aranell-) (UT:434)