Because all the pieces are ready for you to assemble from the owl punch, you'll have this card done and ready to go quicker than running to the local card store to buy one. It will probably take longer deciding what pattern designs you want to use than anything else.
I used a portion of one of the pennants from Petite Pennants Builder to create the hat, but if you don't have it you can cut one out freehand. The pom-pom on top of the hat came from Itty Bitty Shapes Punch Pack. I used the Scalloped Edge Border Punch along the bottom of the designer paper, and the greeting came from Timeless Talk (w-126605/c-126607)