Wash the bottle and dry it. Cut the top 3 inches off, including the capo part. Take the wrapper off the bottle. Wrap the paper around the paper to gauge how much you will be needing. Cut that much paper, leaving some extra for the edges.
Draw and paint on the paper to make it look attractive. You can use other creative ideas. Stickers will also also look nice. Experiment with colors. A popular theme is to add bows to the holder using another sheet of paper which should be of a different color. Bead work can also be done if you have time and are creative enough. A clever use of different colors of papers looks attractive too. You can also put down your initials. Let the artist come out. Some people miss the paper part and paint the bottle itself which is much easier.
Once the paper is ready and dry, stick it to the bottle using the adhesive tape. Secure the edges well. Add some pebbles to the holder to make it stand firm. Put all your pens and pencils in it and keep on your study table. You will feel a different kind of ownership for it because you created it yourself.