Acquire two different lanyard lace colors. Cut them to 5-foot lengths. Loop one lanyard lace through the key ring so that the lace is draped in half over the ring. Take the second lace and position it between both ends of the first lace right underneath the ring.
Take the left end of the second lace, and fold it in half around the top end of the first lace so that both ends face in the same direction. Take the bottom end of the first lace and fold it under and over both ends of the second lace. Finally, thread the right end of the second lace, which is now the bottom end, over the right end and under the left end of the first lace. Now the first lace should form an N-shape, and the second lace should form a sideways N-shape. Pull the ends tight until a square knot is formed.
Weave the laces together until only 3 or 4 inches remain. Thread three pony beads onto the laces. Knot the laces together, and trim the ends to the same length.