Try this:
Dim s As String = "Yellow.car Red.Bag Blue.eyes"
s = s.Replace(".", " . ")
Dim result = String.Join(",", s.Split(New String(){" "}, StringSplitOptions.RemoveEmptyEntries).Select(Function(w) String.Concat("'", w, "'")))
Result:
'Yellow','.','car','Red','.','Bag','Blue','.','eyes'
As you see, the logic is very simple:
1) replace dot with dot with spaces around it,
2) split string on spaces and add ['] around each part,
3) join parts with commas.
That's all!