All you need is a few pieces of scrapbook paper in corresponding colors (I used one of each of the red and green pages in a Seasons paper pack), a 2in scalloped paper punch, some fishing line, and double stick tape.
Using the scallop punch, punch out 2 inch circles on each sheet of scrap book paper. Use the entire sheet.
Sandwich two matching scallops on top of fishing line and seal with double stick tape. Repeat this process for how long you want the strand and simply push-pin them into the wall.
Easier than easy, right? And they look absolutely adorable. I made five strands about 10 feet long and hung them from the ceiling, making a sort of backdrop.
Twinkling lights and 98cent felt stockings were the final touches.
Thanks for looking!