Buy felt rectangles in the colors of your choice from any craft store, then cut them into strips about 2 inches wide.  Whether you cut them along the long or short side of the rectangle depends on the size of the form you are using.  This is a thin foam wreath form, so I could cut the strips the short way.  If you are using a fatter form-like a pool noodle, for instance-you’ll probably want to cut them the long way.
I cut the strips with pinking shears, but it would look great if you cut wavy line, scallops or straight, too.  This part takes the longest, so gather your peeps and stick in a Christmas movie.

Once all the strips are cut out, just start wrapping them around the form and securing them in back, slightly overlapping them.  You could use hot glue, but I used straight pins.  Super simple and no mess (you may need a thimble by the time you’re done, though.)

When you get all the way around, it will look kind of messy where they meet back up, so this is where you’ll put an embellishment.  This poinsetta is just made of 10 leaf shapes cut from the felt – one layer of 5 leaves on the bottom and another layer of 5 leaves on top.   On the top layer, kind of pinch the fat end to create a tuck and give the flower a little dimension.  Again, I didn’t even glue it or anything.  I just used white and green ball-headed pins to secure it and add some interest in the center.

Hang with ribbon attached to the back with more pins.

Easy, right?  Think of the possibilities for other seasons as well.