I am hoping to start a new tradition - The Christmas Elephant. You can read about my idea if you follow the link to my blog.
The pattern contains instructions for both large and small elephants. They have a felt backing, and my pattern contains photos and instructions on how to put the elephant together. You can also make it with or without the coloured seat section.
What is great about these elephants are that they really are a very quick make. I can knit several in an evening, so if you were looking to give the decorations as gifts it is ideal, as they are handmade and personal but not too time-consuming. You can use up oddments of wool that you have left over from other projects.