The forward missed out on the previous game against Chesterfield with a slight problem in the other hamstring, but returned for the Morecambe match only to pull up nine minutes into the game at Kenilworth Road.
Jones is expecting to see the Town's top scorer back in action sooner rather than later.
The gaffer said: "He hasn't trained this week, we've had to look after him. It's not as bad as we first thought which is really good news, but he'll be touch and go for this weekend. Initially when you first see someone pull up, you think the worst, four to six weeks and so on.
"But god willing it's not going to be that. It's better than we thought, there wasn't any tear or anything, so we're hoping to get him back as soon as we can.
"It's the same injury that saw him miss out at Chesterfield – but a different hamstring. It's the fascia, and just fatigue. You've got to remember he does big distances every day, and especially games, so sometimes these things happen."
The Welshman is more than confident his side can cope without Hylton, as he continued: "We've got the squad we have. We've got five strikers really in terms of James Collins, Elliot Lee, Harry Cornick, Jordan Cook and Aaron Jarvis. So we've got plenty of back up in those areas, and that's why we've assembled the squad we have."
The Hatters are yet to add a new face to the first team squad this transfer window, but with the deadline not until Wednesday, the Town manager won't hesitate if he sees an opportunity to strengthen his team.
"We've known we've been a little bit light in the centre half area in terms of Scotty (Cuthbert) being out, so that's the only area that we've been light in," Jones continued.
"But it's finding ones that are better than what we've got and that's proving difficult. Unlike other clubs, we don't speak about bids and things like that. If we did, then that stays in house out of respect for one, our board and two, the club where the player is.
"We've looked to strengthen this window, as yet, nothing has come to fruition, but as soon as we do and as soon as we have anything accepted, then we'll let you know."
