Our wonderful across-the-street neighbors' daughter Isabelle turned three Monday. Here's her little tooth fairy pillow with the mouth pocket for the teeth and the loot pocket on the back. I think I like this version with the felt wings and rick rack belt instead of pipe cleaner wings/felt tutu. It's easier to put together for sure. If you have the materials handy it only takes a couple of hours to finish.
If you'd like to try one, the recently updated basic tutorial/pattern can be found here.