Voila! The poinsettia! It only took a few minutes to assemble the red leaves.
I made the yellow part using Bernat Satin Sport Warm Yellow and 15 yellow pony beads. The instructions were to string the beads onto the yarn first and then knit them in. At first I thought this was going to create a tangled, loose mess, but I knit it taut and cinched the bottom closed. As I gathered the top it clustered into the neat ball that you see here. I didn't have the Knifty Knitter spool loom, so I improvised using the pink loom, removing one of the pegs, and using a loom clip, as below:
This was easy to do. Here is what the back of the poinsettia looks like:
So far I have completed 3 of the green leaves, which I will post shortly.