<ToolboxBitmap(GetType(PictureBox))> Public Class MyPictureBox
    Inherits System.Windows.Forms.PictureBox
    Private _ImageIn As Image
    Private _ImageOut As Image
    Public Sub New(ByVal MouseInImagePath As String, ByVal MouseOutImagePath As _
      String)
        Me._ImageIn = Image.FromFile(MouseInImagePath)
        Me._ImageOut = Image.FromFile(MouseOutImagePath)
        Me.Image = Me._ImageOut
    End Sub
    Public Sub New(ByVal ImageList As ImageList, ByVal MouseInImageIndex As _
      Integer, ByVal MouseOutImageIndex As Integer)
        Me._ImageIn = ImageList.Images(MouseInImageIndex)
        Me._ImageOut = ImageList.Images(MouseOutImageIndex)
    End Sub
    Private Sub UserControl1_MouseEnter(ByVal sender As Object, ByVal e As _
      System.EventArgs) Handles MyBase.MouseEnter
        Me.Image = Me._ImageIn
    End Sub
    Private Sub UserControl1_MouseLeave(ByVal sender As Object, ByVal e As _
      System.EventArgs) Handles MyBase.MouseLeave
        Me.Image = Me._ImageOut
    End Sub
End Class

        Dim mp As MyPictureBox
        mp = New MyPictureBox(Me.ImageList1, 0, 1)
        Me.Controls.Add(mp)