This wreath ornament can also become a brooch if you glue a pin backing on it instead of making the chained loop. It can be decorated as you see fit, like glueing small red pom poms to it instead of a bow and bell.

This is a great project to make with left over green yarn. You can also make it with blue yarn and glue snowflakes to it, make it with white or pink yarn for Valentines Day, or make it with black yarn for Halloween.