All you need to make this ribbon is PSP.  I made mine in version 7, but version 6 will likely work.  I don't make any promises, though...don't remember much about what was in that!  LOL

You'll also need Blade Pro if you want to do the edges like these, or you could just use a metallic effect in PSP.

 1.  Open a new transparent image, about 300x300, 16 million colors.  I know that sounds big, but I think you get a nicer end result if you size down rather than sizing up.

 2.  Click on your draw tool , and set it up as in the image below.

 3.  Make sure your color swatches are set up as follows:  foreground white, background null.  Click on the little arrow in the swatch box and choose the circle with a line through it to change the background to null.

 4.  Go back to your image, and draw an oval shape.  The shape doesn't have to be a perfect oval...in fact, it shouldn't be!  Something like in the image below will be fine.

 5.  Now go to 'edit/copy', to copy the oval you just drew.  Then 'edit/paste/as new selection' to load the copy into your image.   The copy will have the 'marching ants' around it.  Do NOT deselect.

 6.  Go to 'image/rotate', rotate the copied shape 15 degrees right, 

and move so that the points of the two loops are together, as shown in the image below.

 7.  Now go to 'layers/merge/merge visible',  to merge the two layers into one.

 8.  Using your 'magic wand', and holding down your 'shift' key so that you can select multiple areas, click inside the two open spaces in your loop, then go to 'selections/modify/expand', and expand the selection by 1.

 9.  Do not deselect.  Add a new layer, and flood fill the selections with a color of your choice, then open your layer palette , and drag this layer under the first one, as shown.

This is what you should have now.  You'll notice that the flood fill did not reach into the narrower parts of your selections, so we'll have to fix that.

10.  Click on your retouch tool , and set it up as below. 

11.  Go back to your image, layer 2 (the one with the colored fill), and place your cursor in the red area.  'Push' the color into the blank areas by holding down your mouse button while moving into those areas.  If some spills outside the lines, just use the same tool to erase it by moving from an area with no color into the color you want to remove.