The Foxes cruised into a three-goal lead by half-time but Ipswich hit back with two goals in quick succession before Diomansy Kamara settled the tie in the hosts' favour.
A disappointed Jewell said: "That summed up our season. We've had three gilt-edged opportunities and didn't score a goal and then we go a goal down.
"At the beginning of the second half their keeper pulled off a couple of great saves but we got back to 3-2 and then we showed our soft belly and two minutes later they score."
And Jewell acknowledged that he faces a rebuilding job in the summer to help the Tractor Boys emulate East Anglian rivals Norwich.
He added: "It is a big task here but it is one I am relishing."
Source: PA
Source: PA