Stacy of Hart+Sew posted this nice tutorial. I was browsing around of fabric necklace images through flickr, then I ended up at her blog. It's really easy to make and I have all the materials. Not all actually. I use a cardboard (that've been used by my kids...see the doodles) to substitute the plastic ring as she suggested.
And here's the pictorial :
Wrap them with something soft first to give them a plumper effect.
Look! Piece of cake!