  Entanglement spectrum of finite-size correlated electron systems are
investigated using the Gutzwiller projection technique. The product of largest
eigenvalue and rank of the block reduced density matrix, which is a measure of
distance of the state from the maximally entangled state of the corresponding
rank, is seen to characterise the insulator to metal crossover in the state.
The fraction of distinct eigenvalues exhibits a `chaotic' behaviour in the
crossover region, and it shows a `integrable' behaviour at both insulating and
metallic ends. The integrated entanglement spectrum obeys conformal field
theory (CFT) prediction at the metal and insulator ends, but shows a noticeable
deviation from CFT prediction in the crossover regime, thus it can also track a
metal-insulator crossover. A modification of the CFT result for the
entanglement spectrum for finite size is proposed which holds in the crossover
regime also. The adjacent level spacing distribution of unfolded non-zero
eigenvalues for intermediate values of Gutzwiller projection parameter $g$ is
the same as that of an ensemble of random matrices obtained by replacing each
block of reduced density matrix by a random real symmetric Toeplitz matrix. It
is strongly peaked at zero, with an exponential tail proportional to
$e^{-(n/R)s}$, where $s$ is the adjacent level spacing, $n$ is number of
distinct eigenvalues and $R$ is the rank of the reduced density matrix.
