I saw this idea sometime around Valentine's Day, but never wrote down the link . . . which meant I had to try and remember how they did it. Not sure if this was how, but here's what I did:
I bought a yard of pink felt, cut it into tons of circles - definately over a hundred, but I just kept cutting rows as I needed more, so I never got a final count.
Fold the circle in half, then in half again, so it looks like a triangle. Then using a sewing pin (the kind with the ball on the end, attach the felt to the styrofoam wreath form. I alternated angles so they weren't all lined up the same way.
Hang it up with ribbon and enjoy!