Blossom Tree and Candy Floss?! What a combination but they work together when putting these two projects together. I have used Blossom Tree from Make ti Crafty along with Candy Floss from Mo Manning (plus a few buttons of my own) to re-create these pencils. I had a few logo pencils to use, you know, the unsightly ones with the business logo or moto on them? Very boring and they needed some pizzas!
I printed my images out on regular printer paper and sized it to what I thought pencil would be, giving a little extra fudging room. Then I colored it using Prismacolor pencils and cut it down to size so I could roll the new paper on the pencil. On one side, I left a little extra white paper and that's the part I glued down first on the pencil. Then when that was dry, I added a little more glue to the paper and rolled the rest of it on the pencil using the table to make sure it was a tight roll. Be careful with the glue too - you'll want enough to glue all the paper to the pencil but not too much to make it messy.
Lastly, take care in sharpening them. I found that if the paper is loose then it really tears it up at the bottom. But if the paper is tightly attached to the pencil then an electric pencil sharpener worked well.