If you can make a loop with round nose pliers, you can make a butterfly bracelet. All you need is a few paper clips.
For tools you'll need:
Cone nose pliers
Flat nose pliers
Diagonal cutting pliers
Step 1: Shape the head
Extend a paper clip and work out the kinks with flat nose pliers.
For the ease of use I filed a tiny grove into one of the cones of my pliers. You can see this in the second picture. The groove helps show me where to place the wire so I get consistent circles.
Place the center of the wire into the cone pliers and form a small loop. Bend one of the free ends away from the loop as shown in the pictures. Reposition the pliers and bend the other free end away from the loop.
You should now have an overlapping lollypop looking thing. Use the flat pliers to adjust the loop so the free ends are side by side and not overlapping. See the pictures.