Optical image stabilization uses gyroscopic sensors to detect the vibrations of the camera. The lens adjusts the optical path accordingly, ensuring that any type of motion blur is corrected before the sensor captures the image.
A timelapse shows a long passage of time sped up. A series of photographs taken from the same position over a long period is joined together to create a short video. It is great way to capture things like the setting sun, or clouds moving across the sky.