Several days in advance: Make fondant hat .
Tint fondant: 6 oz. yellow (add 1/2 teaspoon Gum-Tex), 3 oz. blue. Roll out 1/8 in. thick as needed. Use pattern to cut hat; let dry overnight on waxed paper-covered board.
Reserve remaining fondant. Attach 2 Lollipop Sticks to back with thinned fondant adhesive, leaving 5 in. extended at bottom.
For pompom, cut a 1 1/2 x 6 in. wide strip (reserve remaining blue). Use Cutter/Embosser to make slits for fringe, 1 in. deep, 1/8 in. wide. Wrap uncut edge around tip of hat, securing with damp brush as you wrap. Let dry.