Make banner. Tint a 1 1/8 in. fondant ball each red, rose, orange, blue, violet and yellow. Use fondant roller with pink guide rings to roll out red, pink, orange, blue and violet fondant, separately, 1/16 in. thick. Use pattern, knife and fondant to cut one diamond shape in each color. Place shapes under flap on storage board until ready to use.
Use scissors to cut a string of dental floss, 14 1/2 in. long. Starting in center of string, fold diamond over dental floss to form a pennant shape. Use damp brush to attach pennant sides together. Repeat to attach five pennants.
For letters, use fondant roller with pink guide rings to roll out yellow fondant 1/16 in. thick. Use cut-outs from set to cut "TWO." Use damp brush to attach letters to banner.