I originally found this idea on UCreate who posted a link for Blue Cricket Design. The tutorial can be found here http://sistersstuff.blogspot.com/2009/10/blog-swap-with-blue-cricket-design.html
These were so easy to do. I actually found a four pack of Sesame Street rubber bracelets on clearance at target for 98 cents. At the time I wished I had bought more, but when making them these are kind of small compared to other rubber bracelets. They fit on my wrist, but my wrist is pretty small. I did also have one other bracelet at home that was regular sized.
I had some fabric that was given to me, so I cut strips from that. I made five of these in less than 30 minutes. I'm definitely thinking of making some of these for Christmas gifts.