Use spray adhesive to join two 9"×12" felt sheets; cut out two 3½"-diameter circles. Cut two 3½"-diameter circles from a sheet of iron-on glitter; cut glitter circles in half. Iron glitter half circles to felt circles so one half of each is glitter on the front and the other half is glitter on the back.
Cut halfway up center of each felt circle (along glitter edge). Slip the two circles together at right angles. Secure cut edges with fabric glue.
Cut a 4"×6" piece of felt and iron-on metallic sheet; iron together. Cut fringe along the 6" side, leaving a ¾" border across the top. Cut two 24" lengths of elastic cord; fold in half. Hot-glue folded ends at one edge of the unfringed top of felt. Starting at that edge, tightly roll felt, dotting with glue as you go.
Knot the loose cords at top of tassel. Thread on beads; knot again. Lay one length of cord in each right angle of twirler; knot at top of ornament and hang.