As part of the party favors (but they doubled as decorations) we made pinwheels. I had posted pictures in this thread:
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http://www.mothering.com/community/t/1342301/birthday-party-ideas-for-a-2-year-old-boy
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They were easy to make and quite inexpensive. They looked better on their own than all together in a vase but were still fun and colorful on the table. You can find instructions on how to make them online. For materials, you need:
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Paper - we used scrapbooking paper because each side was a different color/pattern which makes the pinwheel look really neat and because it is a good thickness
Dowling - cut to length for the handle, with a hole drilled close to one end to attach the pinwheel to
Wire - we used gardening wire because we had it on hand. To create a "pin" to put through the pinwheel and the dowling so the pinwheel will spin. (you could probably use something else like a brad, this is just what we had on hand)
Buttons - 2 per pinwheel (purchased at the dollar store) one goes on the pinwheel with the wire through it (looks pretty and secures the wire) one at the back of the dowling to secure the wire.