Basic differences are that the GP-100 is larger in every dimension and has a six shot cylinder to the SP-101's five. Max barrel on a SP-101 is 3" a GP-100 comes with barrels between 3"-6". No blue SP's are available, and never have been.
The only other difference I'm aware of that's not immediately apparent is that the GP100 cylinder rotates on ball bearings while the SP101 cylinder has no bearing. In my experience, that and the reduced leverage on the shorter hammer of the SP101 means that the trigger pull on the GP100 is a touch better.
They're not at all similar revolvers other than in basic design. One is a full-size general purpose revolver while the other is clearly designed for carry purposes.
WHOA BOATS: 100% right on the first half of the answer. but, The SP101 does come in a 4" barrel. in addition, the SP 101 is available in caliber 22 long rifle - six shots. Now I know you knew that. It's just that your brain runs so fast that your typing fingers can't keep up.
The .22 LR SP-101 is regrettably missing from this year's Ruger catalog, although it is shown on the Ruger website. There are still some new in inventory, and I picked up a NIB on GunBroker. The NIB seem to typically go for $ 375-400.
I think the action on the GP's is a lot nicer than on the SP's... even after doing some polishing and spring replacement. If the decision is a close call between the SP and the GP, I'd take the GP every time. I have both and like them both, but the GP is a superior gun hands down. More luxurious to shoot, handles recoil much better, easier to be accurate with (because of the superior action), and one more round capacity. There are times I take the SP over the GP, but only because I am limited in the size and weight I want to pack. The 3" fixed sight GP is bigger and heavier than the 3" SP, but not by a huge margin. If you can handle the 3" GP, it's a much nicer gun to own and to shoot. But it you can't handle the size of the GP, then the SP is an excellent revolver in its own right.
Note that the grips on the 3" GP are smaller than the grips on the standard GP... and the smaller GP grips make a huge difference in the overall size of the gun.