The difference is that their version is a bit longer so you can leave long or wrap around twice. I like this idea and may have to try it out next. Mine is just one small circle that scrunches.
Just a note about mine: I bought a 1/2 yard of fabric and cut it so it's a bit smaller than 1/2 yard. It really just depends on the look you are going for but I wanted to keep mine so that it would peek out of the collar of my coats but not bunch up.
here to see the video and here for the instructions at DIY Style.