We did this for her Christmas party at school today. Start at the top with one ponytail. Her's is triangle shaped. Then do a normal smocking style until you get to the bottom. At the bottom divide it into two ponytails.
As far as the accessories, I bought some Christmas buttons and used Jenn's fun accessory idea. Loop the elastic through the button and put on top of the ponytail.
7 Quick & Easy Hairstyles, Part 2
1 day ago