Instructables
A quick, long range and stable the Owl is a paper airplane that is so multirole its potential is unbelievable. It is a personal favorite of mine.

TAA USAF Designation: A9-1 (formerly F9-1)
 
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Step 2: Begin Folding

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Fold your piece of paper length-wise. Then fold both the corners in. Then open it.

Step 3: Nose Fold

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Pull the nose down 1 inch and then forward so 1/4 inch sticks out in front as the nose as shown below. Then fold the plane in half along its center with the flaps on the inside.  

Step 4: Fold The Wings

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Fold the wings parallel with the rear edge of the aircraft but make sure to only fold down the swept part of the leading edge, not the blunt part. Repeat on the other side.

Step 5: Cut The Winglets

No specific place requires the cut for the twin winglets, eyeballing it and cutting them in the center as you see it doesn't make a difference due to the cancelling of the forces. Before cutting, fold both wings down and cut simultaneously.

Step 6: Fold The Winglets

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Fold each winglet up parallel to the rear edge of the wing so as not to create drag. Fold the front two winglets up and the back two winglets down.