I followed this tutorial:

http://www.youaremyfave.com/2012/05/08/wind-up-paper-butterflies-are-my-fave-guest-post-from-amelia/

But I printed two butterflies instead of drawing them to make them look realistic, plus I used VERY THICK cardstock and glued the printed wings on both sides.
Suggestion: use a VERY STRONG rubber bands or it will broke after a few spin.
Enjoy!
ps: all credits goes to the inventor, not me. Only the photos you can see here are mine.

PPS: TRY AND CLOSE IT INTO A BOOK, THEN GIVE IT TO SOMEONE TO OPEN :P

In the future I will make a Steampunk one..