You cut five 4x4" squares.
You'll also need two 2" x 2" pieces of paper, a piece of ribbon and a bead (couldn't find a bead so I used a button).
You are simply scoring each of the 4x4" pieces in half and half again. Then fold them (sorry this picture is a bit dark, I'll get some better light and post a new picture.
Stick them all together. On the outsides, I used some really sticky tape to add some ribbon, then covered that up with the 2x2 square.
Thread a bead (button in my case) with both pieces of the ribbon then tie a knot at the top. You slide the bead down to the ornament, then when you put the bead up, the ornament springs open. I gave all my edges a really good crease.
There you have it. Have fun!