I did these kind of rollers as a kid with friends.
We used to use old plastic jars with a lid (those one from old film rolls were the best), but this time I only had two lids from another project.
Back in the days we made holes for lid and the container with a scissor, but you can make much smoother hole with heated round metallic object such as needle.

Supplies

Two lids or a container with a lid
Rubberband, stronger the better
Pencil
Scissors
Tape

Step 1: Create Some Holes

Make two holes on the other end and one hole to the other.
I used heated needle to pinch holes in these caps, just be careful not to burn your self.
You can make holes larger with sharp knife, drillbit or scissors.
I used scissors to make holes a bit larger.

Step 2: Cut the Rubberband and Insert It in to Holes

Cut the rubberband with your scissors and lure it through the holes.
Lure the rubberband first on that side with two holes and finally insert both sides of cutted rubberband into that single hole.

Secure those rubberbands with a knot. You should make a tight fit because it'll go faster if rubberband is tight.

Step 3: Wrap Around With Tape and Insert Pencil

If you made this toy with two lids instead of a plastic jar you should use some tape to secure both sides.
I recommend using some hockey tape or other grippy tape for this.
Insert pencil in rubberband loop on that same side with the knot.
Spin pencil and set your roller on ground and let it go.

We used to have some races with these as a kid and we tried to find stronger rubberband becaus that allowed this little speedster to roll even further and even faster.

I gave this one to my cat and she liked it. Cannot find this toy anymore though...