I have been doing this lesson a very long time. I probably saw something similar somewhere and have just made it my own.
In this lesson, students drew a giant top hat shape in marker then they add their eyes and hair. They fill in the hat with images of their favorite things. When complete, they painted with watercolor.
I typically brainstorm a list on the board with the students. images to include would be things like family, sports, food, vacations, favorite foods, etc.