My Little Pony Faces Key Fob

What in the name of all things cinnamon swirl is going on here?

Grograin ribbon on heavy-weight cotton webbing. Shiny silver nickel hardware.
Measures 5-1/2" from loop to hardware x 1" wide. Webbing is 2mm thick.
 

** The pattern placement may be different than shown in image. Each cut of ribbon slightly changes the finished design. **