If you're not familiar with making fabric yo-yo's, take a look at this tutorial.
For the bracelet, I used yo-yo's that were just about the size of a quarter. To make a fabric yo-yo this size you will want to start off with a circle 2 1/8" in diameter. I used eight yo-yo's for my bracelet but it all depends on the circumference of your wrist.whip stitch with right sides facing together. Keep adding on a yo-yo till you get the desired length.
On the last yo-yo, sew a small piece of embroidery thread onto the back of the yo-yo. This will be your clasp. Make sure the loop will fit over the button well.