What you need:
cardstock (yellow and another colour),
yellow transparent paper
(e.g. coloured cellophane or parchment / greaseproof / wax paper),
Cut two circles out of yellow cardstock
(preferably use a large (cake) plate as
Cut a small circle out of each large one (using a saucer as pattern).
Glue transparent paper behind the holes.
Cut a stripe of 7 x 17 in out of cardstock
in a different colour (of course you can use yellow here as well).
Fold up the long edges (about 0.5 to 1 in). Cut into the two edges several times. Glue one edge onto the large circle around the circle of transparent paper.
There remains an opening on one side.
Then stick the second circle to the stripe, too.
Cut into both circles from the edge to the centre many times so that they only consist of stripes afterwards.
Fold the stripes slightly to the outside.
Make two small holes into the body of the lantern on two opposite sides.
Pull a piece of string or wire through the holes for hanging.
If you like, you can also glue a face onto the sun.