This is something I have always been interested in, and there are so many ways you can make them! Mine, of course, will be made with paper since we are a paperie, and I'm so excited to add them to the shop!
I am one of those people who loves things in miniature (keep your comments to yourself), and these little paper buntings are so cute I had to make one for myself. It does a great job at brightening up my crafting space, which is currently recovering after Hurricane Rayna ran through it. I'd love to get some picture of my craft space up, but that will most likely never happen since I run through my crafting space like a crazy person leaving a trail of cut paper, ribbon and messy adhesives in my wake. Feel free to imagine what it might look like, though. What you can see is the wall I look at when I craft. :) My drafting table is in this corner, and I have access to my crafting lamp and my embellishment center (on the right side of the picture). And then there is the lovely bunting I made for myself out of some of my favorite paper.
These buntings can be made out of all kinds and patterns of paper, and I am currently making them on 5'1" long cotton thread with 1' of blank string on either side for hanging. They can also be tied to skewers on either side and put into a cake! I'm thinking about making a cake just so I can do that. These things are very cool. :)