For the party favors I created a template based on the Sesame Street sign. It is a MS Word document and it can be easily customized, you can shorten and lengthen the text boxes based on the child's name. I chose to personalize the tags with each child's name, but also included a 'Thank You' template as well.
On each of the favor bags I put Elmo (for the boys) or Abby (for the girls). I used my circle cutter from Creative Memories to cut the circles but a sharp pair of scissors works as well.
Sesame Street favor tag - Name
Sesame Street favor tag - Thank You
Elmo and Abby favor tags