Yes, I'm making Christmas ornaments. I'm working on some embroidered ones (like I've made in previous years, like these), and also made a couple little spool ornaments.
I love wooden spools!
For these ornaments, I simply used a blue sparkly fabric to cover the spools. (No real explanation or how-to needed for this, I think. Simply turned under edges and glued to the spool.)
Then I looked at the ends, and they looked rather ugly. There were no labels, but unattractive glue residue. I didn't really want to bother with painting, but I wanted those ends covered. So I grabbed a silver sharpie and that did the trick in no time.
Then I glued plastic snowflakes (bought for use in making cards, which I've done) on the ends, before finally adding some silver ribbon for a hanger.
As you can see, I made one in the horizontal direction, and one vertical. I'm pretty sure I'll be making some more, in other Christmas-y colors.