Flannel material, black long sleeve shirt, black sweatpants, fabric glue. 2" strips cut to look like wide fringe. Glue strip down, repeat with other colors.
For the "ears":
Foam cones found in floral section, elastic, tissue paper, glue. Same steps as shirt and pants, just thinner strips.
This is a final image, you can pin it or share it on any social network.