The air jet actually feeds the air to the pilot jet. So, by changing it, you can alter the strength of the air/fuel mix in the pilot circuit. It is located in the bell mouth where the air filter mounts .....
As I mentioned, it doesn't have as big an effect as changing a pilot jet. For example, if a 45 pilot was too lean but a 47.5 pilot was too rich, you could achieve a richness level in between those sizes by running the 45 and reducing the air jet a size or two.
So, the air jet is an actual jet you can change. They used a small round main jet, like used in the BS38s, except in this case, it flows air.