To create a balloon tooltip, we just need to set IsBalloon property of ToolTip control to true. The following code snippet create a balloon tooltip and attaches it to a Button control.
ToolTip buttonToolTip = new ToolTip();
buttonToolTip.ToolTipTitle = "Button Tooltip";
buttonToolTip.UseFading = true;
buttonToolTip.UseAnimation = true;
buttonToolTip.IsBalloon = true;
buttonToolTip.ShowAlways = true;
buttonToolTip.AutoPopDelay = 5000;
buttonToolTip.InitialDelay = 1000;
buttonToolTip.ReshowDelay = 500;
buttonToolTip.SetToolTip(button1, "Click me to execute.");