Paint the clothespin with white acrylic paint. Allow to dry and repeat for a second coat. Glue the spool to the center of the wood circle. Paint the spool and circle black. Glue the dry black hat to the top of the dry white clothespin.
Cut a piece of craft wire long enough to form a hanger for your ornament (approx 6"-8"). Wrap the ends of the craft wire around the "neck" of the clothespin, creating a loop. With the wire loop at the back, wrap a scrap of material or ribbon around the neck and tie for a scarf, covering any exposed craft wire.
Using a small paintbrush, or even a toothpick, dot on eyes, mouth and buttons with black paint. Use orange for the nose and glue foil tree to the hat. Hang!