We have seen this idea on several sites and thought it was so cute! So here is our version of the homemade drink umbrella:
First, find some cute paper (or plain paper that you or your little one can decorate). Then cut a circle out of your paper the size that you would like your umbrella to be. These can be made any size, so get creative! Then cut out a small "pie slice" shape out of your circle (we found we liked a smaller pie shape, but it's a matter of taste). Then wrap your circle around to make a cone shape, over-lapping the "pie" cut edges. At this point, feel free to decorate it and make it your own creation. You now have your umbrella top!
Take a wooden skewer and snip the end to make your umbrella your desired height. Then put a little hot glue inside the point of the cone and attach the skewer. Let the glue harden, pop it in your drink, and let the party begin!