Made this for Emma the other day. It really only took me about an hour, I used scraps of fabric (which I had to piece a little, part of what made it take so long) and some elastic I had on hand. I followed this tutorial: http://www.makeit-loveit.com/2012/09/the-square-circle-skirt-20-ish-minutes-to-make.html
This is a really cute blog! As always, I'm not a great photographer, but the skirt turned out adorable!