First, cut a circle from paper/card of the same size as the cardboard tube and stick to the bottom of it with tape.
Now cut a strip of pink crepe paper, long enough that it can easily wrap around the tube, and about two inches tall. Then cut slits along the bottom of the strip of crepe paper to create a tasseled edge.
Place a strip of double-sided tape along the top of the crepe paper. Then stick the paper around the bottom of the cardboard roll tube.
Repeat steps with all the colors of the rainbow until the cardboard tube is completely covered with tasseled crepe papers.
Then cut a small piece of yellow wool and stick each edge to the inside of the top of the roll tube with tape. Then draw around the tube onto a sheet of red paper and cut a circle out that is slightly larger than this size. Cut slits around the edge of this circle and fold them in towards the centre. Fill your pinata with sweets, chocolates, mini gifts - whatever you want!