I know it is now after Christmas but thought I would still post this since they would be great for other holidays too (for example hearts strung on a garland for Valentine's day).
Cinnamon Salt Dough
2 cups flour
1 cup salt
1 cup cinnamon
1 1/2 cups water
Mix dry ingredients together and add water to form dough. Knead several times before rolling out. Dust surface with cinnamon and roll to a 1/4"-3/4" thickness. Use cookie cutters and remember to poke a hole in each ornament before baking. Bake at 300 degrees for 45-60 minutes.
You can use some fine sand paper or an emery board to smooth off the edges of the ornament.
Can you tell we do most of our crafts in the morning? My kids always seem to be wearing their PJ's in the pictures!