What is the difference between orbits of electrons and orbitals for electrons?

An Orbit is the path of an electron around the nucleus of an atom and an Orbital refers to an electron's probable location.

Orbit model/ Bohr Model is used to predict the light emission and energy absorption of an atom. Orbital model/Schrodinger model is used to calculate the properties of electrons and identify electrons locations.

For a detailed explanation -

"Electron orbits" refer to the Bohr Model of the 
atom. This is a way of visualizing the fact that electrons in an 
atom have a particular energy and are limited to a small set of 
possible energies; the electron energies are quantized.

"Electron orbitals", on the other hand, refer to the Schrodinger 
Model of the atom. In this model, mathematical equations are used to 
describe the likelihood of an electron having a particular energy 
being in a particular location in an atom.

http://www.newton.dep.anl.gov/askasci/chem03/chem03845.htm