Okay, first of all, I have to say that I think preschool "graduation" is about the silliest thing ever. However, I suppose some sort of ceremony/gathering is a nice way to mark the end of a year. Maia's been going to preschool a couple days a week this past year and, although she has at least another year ahead of her before we think about kindergarten, she "graduated" today. While she refused to participate in the ceremony (she has some of my crowd shyness), she coveted another kid's handmade graduation cap and asked to make one when we got home.
So I cut out some pieces of posterboard, let her decorate them, then we assembled the whole thing with staples and glue. Et voila — a graduation cap for a preschooler.
And this is the best of the blurry action shots of the kiddo wearing it.