I came across a lovely ribbon ornament on the Martha Stewart website. However, with no pictures, it's an absolutely horrid tutorial, especially for a visual person. Fortunately, a quick web search turned up a much better tutorial with extremely clear photo illustrations. It is really easy to follow. This ornament is known by many names: German star, Froebel star, Moravian star.
Unfortunately, my attempt at making a ribbon version did not turn out. After more searching, I also found a tutorial for making a flat fabric star. This is my altered version of it. When I followed the instructions, I ended up with just enough fabric to tuck in on one side of the ornament, and enough on the other side that I would have had to trim some off in order to tuck it in. Unfortunately, it wasn't enough to make the stand up points of a three dimensional version. I wanted to use holiday fabric (leftover from my Cathedral window snowmen), but since I used only one fabric instead of four, I didn't think the flat version had enough visual appeal, so I compromised and made the extra fabric into pinwheel-style points instead of trimming and tucking. I added a snowflake to create a central focal point.