It's a pretty easy tie but getting the shape and proportions right is the tough part. Essentially, it's a piece of craft foam cut to shape and folded over the hook and glued into place (I reckon the "crease" is because of the fold, or maybe the guy who invented it was named crease, don't know?).
I'm using "sparkle" foam and then coloring with sharpie and covering with a layer of clear nail polish and then a layer of glitter clear nail polish to give it a sheen and to keep the "glitter" from rubbing off.
I fished a couple of these last summer that a guy gave to me and they worked well for bass and crappie. This was my second attempt at tying this pattern. The first ones, while most likely will catch fish, were not much to look at.
I've seen some that look more or less like pencil poppers. I wanted to get more of a "minnow" sillhouette. Getting that shape is tough. I like your idea about the pattern on labels. I may have to trace one, scan it and then print it out. Thanks for the idea.