First, gather all your supplies

Out of your 56 beads:
16 of one color for the body
2 of another color for eyes
2 heart shaped beads for the wings (same color as body)
10 of two colors for the larger pair of wings
8 of two colors for the smaller pair of wings

(The cord pictured is way more than 2 yards :P)

Cut 2 yards of your cord and fold in half

Tie the cord onto the key ring

The picture is pretty crappy, but I believe it is called a half hitch..?

Thread 2 of your body-color beads onto one side

Thread the other cord through the opposite way (see picture)

Pull tight and try to center the key ring over the 2 beads

Repeat steps 4-5 to add the next 2 rows
Colors:

1) eye, body, eye
2) body, body, body

String 10 wing color beads (alterating colors) onto one side

Go through all 10 beads again to make a loop

Go through the first 3 beads on the top another time and string on 1 heart shaped bead

Now go through the three beads from the body on the bottom (like on the top) and pull tight

Repeat steps 7-10 for the opposite wing

Repeat steps 4-5 to add 2 more rows to the body
Colors:

1)body, body, body
2)body, body

String 8 wing color beads (alternating colors) onto one side

Go back through all 8 beads to make a loop (just like for the top wing

Repeat steps 13-14 to make the opposite wing

Add 3 more rows to the body
Colors:

1) body, body
2) body, body
3) body

Tie off the ends and sinp off the extra cord (I triple-knotted it)

Make more and give them to your friends! :D

I made the navy, yellow, and orange one first

Then the purple, yellow, and pink one

And I made the pink, purple, and light pink one for the how-to ;D