Lily is a hybrid OO+function language I've been building for nearly five years

Lily's made entirely in plain C, and thus it's easier to include as part of your program. Maybe you'd like to run some script from your program and provide some program variables/functions to Lily. You can do that. Now, Lily isn't currently totally ready for embedding, but the important parts are there: It doesn't read global variables, and it has a single entry/exit point when you call it.

You can also use Lily as a templating language. The support for tagging is built into the language, instead of being added to it.

One of Lily's strengths is that, unlike other scripting languages, it takes a very, very low amount of memory to boot (10K). That makes it idea for, eventually, truly embedding and being actually useful as a scripting language for whatever you might be making.

I don't know too much about OCaml, so I can't give a good, complete comparison. But Lily's syntax and feel is more inspired by OO languages, with the functional part being more about collections and chainability.