Last Saturday I had the pleasure of stamping with a troop of ten Girl Scouts, ages 7-8 and this was one of the projects we did!  I'd seen these around on the internet and thought they were so cute!  The one I first saw was made by another demo, Janet Wakeland.  

These Valentine Pencil Bugs/Caterpillar?? are so easy to make!  Just take a 12" strip of card stock or designer paper, score at 1/2" at the beginning and end, and every inch in between.  You will them punch a hole in the center of each inch space along the strip.  Now no hole punch I had was big enough to fit a pencil through so I punched several times to make the holes larger.  The strip looked pretty messy when I got finished, but once you shove the pencil through, the messy punches don't show!  Perhaps the new Small Heart Punch would work, but the hearts would be sideways unless you could accordion-fold and then punch two layers at a time.  I can't FIND my heart punch at the moment so I can't try it to be sure!  After punching the the holes, accordion-fold on all the score lines and insert the pencil (or you could use a Pixie Stix!)  To make the head, just punch a 1 3/8" circle and make a face however you like….you could use wiggly eyes.  The antennae were made from various swirls from the Tulipe Die for the Big Shot.  Just adhere the head to the 1/2" section at one end of the paper strip.