Wow! Talk about a quick and easy project! This takes about 10 minutes total including cutting out the pieces.
I found the tutorial at Crafty Staci. She has quite a number of other projects on her blog as well so take a look around while you are there. I bookmarked the coffee cup sleeves to try later too.
I picked up a bundle of beach themed fat quarters to use for this project. It only takes a 4 inch square for each piece, so there is plenty left over for another project.
Pair this with a book or gift card to a bookstore for a present with a personal touch.