It only took me 10-15 minutes to make, a little longer to get used too. I think it's great, it's easy to keep the tension consistent and it saves my little finger (Update: Click here for more information about how to change the Yarn tension with this finger saver).
I don't think it matters what yarn is used to make these. I used DK in purple with a 4.5mm hook. Here's what I did:
-I made a chain that fit around my finger comfortably and joined it to the first chain with a slip stitch.
-Chain three then UK trebble crochet (US double crochet) around, join with a slip stitch.
-Chain three, UK trebble crochet (US double crochet) around again, join with a slip stitch.
-Chain one, UK double crochet (US single crochet) around, join with slip stitch and finish off.
To make it longer add more rows.
It didn't take much yarn so scrap yarn is perfect for this, changing colours would have made it more interesting too. Not sure how long it will last but it will be quick and easy to make a new one.
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