Prepare and roll out cookie dough. Cut with cookie cutter. Bake and cool. Use tip 3 and full-strength yellow color flow icing to outline cap; let set. Use tip 3 and thinned down blue color flow icing to fill in cap; let completely dry. Use tip 3 and full-strength yellow and blue icing to pipe tassel. Use tip 3 and full-strength blue icing to pipe dot button on top of cap and tip 3 and full-strength yellow icing to pipe dot knot on tassel.
*Combine Lemon Yellow and Golden Yellow for yellow shown.