My mom just sent these in the mail for my daughter, and how cute! She has a yo-yo maker, which is very easy to use, but if you need directions on how to make fabric yo-yos, click here, and while you are there, check out the Zakka Life blog, it is pretty cool. So you just need:
a plastic headband
some cute Valentine decals
a little felt
Pretty easy and cute to make, you can of course use whatever color or themed ribbon and fabric to create whatever look you want.