Felt Tree Bottle Holder

This is a nice host/hostess gift for sure, but I'd suggest one modification, be sure to make the base of the tree big enough so the opportunity arises for someone to wear it on their head after the bottle has been polished off (!) From here.

Candy Cane Mice

From here. I think these would be just as sweet made in paper versus felt. A lot easier and kid friendly. Just draw faces on with marker & and glue ears to the body instead of threading them through. Instead of mice you could also make paper ornaments (even easier - cut out a circle/other shape, colour and/or glitter it up) and hang them on the tree via the candy cane hook. Voila! Take that Martha.

Twinkle Lights

Twinkle lights are one of my favorite things. Don't they look nice draped down the wall?
From here.