I also recalled seeing something similar here on the The Twinery blog:
So I took a stab at doing it myself and here are the results:
Black and red!
1. Start out with a punched circle for the base.
2. Mark the center of the circle for the starting point of the twine.
3. Cover circle with double-sided tape.
4. Wind twine around in a circle, starting in the center.
5. Secure end with a bit of glue. I used Matte Accents and that seems to be holding well.