We also made an ornament at my November stamping class using our Simply Pressed Clay (2.4 oz. 130685, $6.95), some re-inkers and a cookie stamp (see page 199 in the core catalog). After working the ink into the clay, we rolled it into a ball and pressed it into a circle using a cookie stamp. The one I used is from the original set but I think the mitten on the current set of cookie stamps would be just as adorable. You could even color the mitten with a Stampin' Write Marker.
When we had the ornament we wanted, we threaded a large-eye needle with silver ribbon (10 yards, 132137, $4.95) and pushed it through the soft clay. It takes 24 hours to dry completely.
My clay is colored with Marina Mist ink refill, although I offered the ladies a choice of Night of Navy or Daffodil Delight ink as well.