I use cherry red FIMO to make this. the bauble is a common plastic bauble for xmas tree. this is very simple and easy to make, its a beautiful and unique topper for your cake, and after you cut the cake, you can simply distribute them as special thanks for your loved ones. they can put a string on it and hang it to their window. now they will always remember your special day!
the method I use to make the rose is basically the same with this post here: http://www.cutoutandkeep.net/projects/clay-roses-a-quick-walkthrough
only that I didn't roll the petals with stick, I press the edges of the petal while it's still on the baking sheet. it creates a thinner petal, thus the result is a whimsical looking rose.
ps. be careful while you peel it off the baking sheet. my tips is don't put too much pressure while pressing, take your time to achieve a good shape.