The ribbon is from the 3/8 ribbon Trio pack in the Holiday catalog. You can see it in my supply list below.
To get the scalloped edge I used the Best Badge Punch. I added a line with a Sharpie on the back of the punch to help me keep the paper straight.
Another tip for making the scallops is to not start the first scallop perfectly at the edge of the card. You want to have a bit of a scallop on each side, because it will never end up that if you start a scallop at one end, the other end will finish perfectly with a full scallop. Does that make sense? It just looks better if both sides are partial scallops instead of one full and one partial.