Begin by glueing a 3-3/4-inch felt circle to the bottom of a 4-inch x 9-inch tall foam cone. Trim coordinating lengths of ribbon into 2- to 5-inch strips. Starting at the bottom of teh cone, pin the raw edges of one style of ribbon ( starting with the longer 5-inch strips), about to inches from the bottom. Repeat with remaining pieces of the same ribbon, overlapping the ribbon as needed to make a complete circle of ribbon around the cone. Repeat this step with the remaining strips of ribbon (using the smaller lengths as you near the top) until you have covered the entire cone.
Use double-sided tape to make a loop with a 4-inch length of ribbon, and glue the loop to the top of the ribbon tree.