I'm not good with hair, but I thought this turned out kind of cute. I saw the directions in November's Real Simple. You make two ponytails, one with the top half of your hair, other with the bottom half. Then you twist the top pony and wrap it around and pin to the bottom elastic. You do the same with the bottom pony and pin it to the top elastic. I had to use more than just those two pins, of course.
The idea is that it looks like a big bun. I like it! I just hope it stays put for a while.
I also realized that you could make small braids in the two ponies and then wrap the braids around just like you would wrap the hair.