I'm seeing this all over the web lately and I think they are very creative. I figured I could do one just as well. I really liked the way it turned out. It's the same navy blue aida cloth that I'm using for the Christmas Holly. The floss is hot pink!
Here's the back.
It's hard to see, but I've just glued the fabric to the inside circle. Once it's completely dry, I'll trim the excess fabric and take another picture.