So I finished it - Ava's closet curtains are lined and her pennant is up! (Before pictures here)
I used inspiration from this Etsy listing and a few other pennants I had seen online and cut up two sizes of triangles - the larger from a nice fabric print and the smaller from a piece of vintage fabric of some kind. Then I used a pair of pinking shears to trim the edges of each triangle. After that I just simply stitched the smaller triangle to the larger one and then layed them all out where I wanted them on a long piece of ribbon and stitched them on.
The project took about 2 hours and the most complicated part was working out how to get the right number of smaller triangles out of my vintage scraps. I would like to brag that I didn't buy one single thing for the project - just used scraps I had - this is a really awesome project for using up those tiny pieces of wonderful fabric that you just can't let go of!
I may add another dimension to the top of the pink ribbon (like a sheer piece of vintage lace) and on two of the pennants I used pretty heavy top fabric so I may have to put some stabilizer on the back of those - so far not too much curling though and I like the 'shabby' look with the ruffled textured curtains.
Oh and here is Ava because she was sure once she realized I was taking photos that she should run in and smile ... because really what else do I take photos of but her??? ;)