Cut out a bunch of hearts in whatever color felt you want and then stitch them together. It works best if you feed from the top of the heart, not the point. Be sure to leave a little space inbetween each heart so they can spin.
I think this would be easily adaptable to any holiday... Shamrocks for St Patty's Day, Easter Eggs or bunnies for Easter... Guess I'm going to have to stock up on my felt stash =)