I have seen a couple cards similar to this and knew that I had to try it. Love the results! These were made using the sticky pages from SU and the new ornament punch. The punch was a little tough to get thru the pages at times but it wasn't too hard. The sentiments are embossed with silver.
Punch ornament out of sticky paper
Cut ribbon or cord for the ornament to "hang" on and a tie around piece if you want one.
Remove the white backing from the ornament (sticky) and place on cardstock with the string pieces underneath
Using a cutting blade and a ruler cut strips through the orange/red sticky layer
Peel one stripe off and cover with glitter. Repeat for each strip.
You could also make this ornament using sticky strip. Just punch an ornament out of white cardstock and cut strips of sticky strip for it, trimming right at the edge of the ornament. SU has a thin sticky strip but it is also available at craft stores in a wide width.