This species was first briefly described by Weber in 1904 (as Echinopsis deminuta), then more formally described as an Aylostera by Britton & Rose in 1922, so has been in cultivation a very long time, and there are a number of varieties. Some growers lump a few other plants regarded as distinct species on this website into A. deminuta. Although common in cultivation, in the wild the plant is only known from one tiny locality and the original location is uncertain. It flowers prolifically, with red flowers, white stigmas and yellowish stamens.
There is an excellent summary of the species in Cactus Explorer 5: August 2012, by Roy Mottram.
The description is here.
Plants of this species in the collection include:
Aylostera deminuta KK847