We found the idea for this craft in Sharon Dunn Umnik's 175 Easy-to-Do Everyday Crafts. Hers was actually a twirly monkey, but basically the same idea. This was one of two crafts we found interesting in the book, so I guess we'd give it a lukewarm recommendation, except that we really did like this craft.
First, I drew out three different sized circles on card stock. My five year old cut hers out, while I helped her younger sister.
They colored in half of the biggest circles (for pants), and drew faces on the medium sized circles. The smallest circles were cut in half, and glued on sides of the faces, for ears. Finally, I stapled on pipe cleaners, cut in half for arms, and in fourths for legs, secured with tape.
Then, we wrapped their "hands" around a straw (a smooth pencil, or wood dowel would work too)...
...and gave them a twirl.
It's great to be a homeschooler.