My daughter asked me to make her a bracelet. We've chosen glass beads for it. How to make a simple friendship bracelet step-by-step: Learning to weave bead friendship bracelets (it's in Russian, but the pictures are self-explanatory). The child was satisfied with both the result and the process: she not only enjoyed watching me but also sorted the beads.
Another very nice friendship bracelet at Art Projects for Kids — a wonderful arty blog.