Print this template out.
Then print out this great pattern from a book packed with even more eye candy: Cutting-Edge Patterns and Textures By Estel Vilaseca
So now you have your template and your pattern paper.
Cut the template out and fold it in half. Cut each interior line on one side almost but not quite to the center fold.
Hold the template up to the patterned paper on the back and align the template where the pattern looks nice to you.
Then transfer the exterior circle outline onto the back of the paper and cut out it out of the pattern paper.
Then transfer the interior cut lines and cut out again to just before the center fold.
To make the little metal part on top of the ornament to hang it from I cut a piece of an aluminum can about 5/8 inch wide and an inch long (using the inside). I scalloped one of the short ends. I then folded it in half and glued the paper ornament in between the metal flaps.
I then punched a hole in the metal tab.
I then made a hook with a short piece of 20 gauge wire and linked it into the hole.
Splay the 1/2 rings, some to the back and some to the front and you are good to go! Well actually you're good to hang it on your tree but not to give it away.