For this game you can either start off with just your first favor, or with a ball to help create that circle shape.
Tape a strip of streamer to your favor/ball and wrap around until it is completely covered.
Place your next favor on top (tape if necessary) and wrap it in the second color until completely covered. (I like to use at least two colors so the kids can visually see when to stop unwrapping)
Repeat, alternating colors of streamers, until you have used all your favors. Leave a small strip out so that you know where to start the game.
To play, have the girls sit in a circle. Choose someone to go first. That girl unravels the ball of 'yarn' until she either spots her gift or sees the next color (whichever happens first - sometimes small toys fall out without them realizing it). Once that happens she passes the ball to the person on her right. Continue until all the girls have a favor!
BONUS GAME: FREEZE DANCE
One of my classic stand by activities is freeze dance. Pop on the soundtrack to whatever Disney movie is hot at that time and when you press stop, everyone has to freeze. For added fun, have the girls act like cats instead of dancing and see what sort of silly positions they get themselves into :)