The tutorial can be found here http://lovestitches.blogspot.se/2012/03/tutorial-crochet-scrunchie.html for those who are interested to give it a try.
This is my version with added beads. And the best part is that it can be done within an hour! (or less if you're a fast crocheter and you do not have dirty toddler to chase around and clean...)
I'm now gonna rummage my daughter's room for more elastic bands!