I made this little cupcake pincushion from scraps I had around. It's mostly felt and stuffed with fabric scraps. All the little "sprinkles" are stitched by hand (I've been watching a few movies to pass the winter blahs). The creases in the cup are made by sewing thin pleats, slightly thicker in the bottom than near the top, so that it flares out.
Best of all, it has a wrist strap to keep your pins nice and handy!