I read about it last month here and followed most of the tutorial. I was excited that it cost less than $8 to make! I got the fabric and yarn at thrift stores (totaling $2.50). I bought the rest of the supplies (ribon, wooden dowel, D-rings) for about $5. I already had the purple polka-dot and white fabrics.
I covered the wooden dowel in the corduroy fabric and used a tight rubberband and hot glue to attach the head to the stick. The funnest part is just getting to make something for someone you love.
I hope this little 2 year-old has fun galloping around with a new friend!
Update: check out the outfit that goes with the horse here!