So very, very simple! And incredibly cute. This little ornament uses very little fabric and can be made in a minute or two!
Take any size styrofoam ball (the one in the photograph is only about 1.5"). I personally like the small ones, but you can go as big as you like. Cut a square piece of fabric large enough to wrap it in plus a little bit more to be able to tie it closed.
For the hanging loop, take a length of ribbon about twice as long as you want it to hang. Knot the ends together. Stick a straight pin through the knot and then stick it firmly into the styrofoam ball. Wrap with the fabric and tie with a store bought ribbon (the kind that have the metal wrapped ties). That's all there is to this one!