Some of the things you'll need: glue gun, plastic bottle cap, scrap of material, 4 1/2 inch plate/jar/whatever for tracing a circle, needle & thread, and a small piece of elastic.
A hammer and a nail. Hammer the nail into the centre of the bottle cap. Wiggle it around a bit so you have enough room for the elastic to fit through.
Push the elastic through the hole. It's easier to push it through from the inside.
Fit it to the size finger you or the recipient plans to wear it on.
Tie a knot and snip off the excess.
Put a good size dollop of hot glue over the knot.
Find something that is about 4 1/2 inches wide. I used an old peanut butter jar.
Trace a circle onto the backside of a piece of material. Cut out the circle. (I'm making two of them so ignore the second scrap of material underneath).
Grab a teeny bit of lace, this is optional but it looks nicer.
Run a bead of hot glue around the inside of the cap.
Glue the lace to the inside.
Take a needle and thread and run long stitches on the wrong side of your 4 1/2 inch circle.
Grab some stuffing. I happen to have a bag but you can use cotton balls, old wool, some out of a stuff animal, or even an old pillow.
Take about this much, I've put a pencil in the picture so you can see how much.
Push it into the centre while pulling up those long stitches. You don't want it jammed in too tight, just enough to "puff" it.
You should have a little ball when you're done.
Run your needle back and forth to stitch everything closed.
Fold back the lace on the cap.
Put a fair amount of glue on the inside including around the sides. Push the ball into the cap, really squish it in there so it's a good fit.
Flip the lace up, find a pin, and you're done!