Make a Butterfly coming out of a Chrysalis  
Use a toilet paper tube, a tongue depressor, paper, a pipe cleaner, crayons, scissors, and glue to create this neat visual.

Coffee Filter Butterflies  
Paint and pleat a coffee filter to create a butterfly.

Butterfly Learning Activities and Printouts 
This site has lots of crafts including a balancing butterfly, a paper chain caterpillar, a butterfly life cycle mobile, and more.