Parents.com has a cute and easy holiday Christmas tree ornament. Just trace the tree outline using a cookie cutter, cut out on green paper and stick on jewel stickers.
Good for ages 2 and up.
Get the instructions here:
http://www.parents.com/holiday/christmas/crafts/handmade-gifts/
Sandy chibichan has a version using glitter and other embellishments such as pompoms, buttons and foam stickers. She uses a clothes pin to give them a standing trunk.
Get the instructions here:
http://sandy-chibichan.blogspot.ca/2010_11_12_archive.html?m=1
Mpm school supplies uses buttons with their version.
Get the instructions here: