The proper flat white painted walls will reflect 85% of the available light.
Mylar safety blankets are folded and are very thin. They will tend to disperse the light in ineffective ways.
Mylar reflective material sold in grow shops in rolls (try to get the 2mil or thicker material) is far more effective for your goals.
The problem with Mylar is that it will degrade and needs to be replaced from time to time.
Overall the painted walls are the most cost effective way go! I have never seen Mylar in use in large scale grow ops. But for your small scale grow it could be a nice way to go as the roll will give you plenty of replacement material.
The choice is yours!