Red, pink and white construction paper
Large googly eyes (or white construction paper and a black marker..let's not let a little thing like googly eyes keep us from craft time)
For my girls (ages 2 and 3) I cut out the pieces ahead of time. Big kids could cut their own and get a nifty math lesson in symmetry while they're at it...crafting makes you so super smart.
Cut out one large red oval, one large white heart and three small pink hearts. Then, you know, slap 'em together with glue like we did. Really, instructions for this thing are silly...it's not rocket science (but there is the symmetry thing.)
Find a home for your penguin, or flock of them as the case maybe, and give them some puny Valentine signage. I only have "ice" for you...you're cool Valentine...
We'll be back soon with more Valentine pun...err, I mean fun.