For tools you'll need:
Cone nose pliers
Flat nose pliers
Diagonal cutting pliers
Step 1: Shape the Head
Extend a paper clip and work out the kinks with flat nose pliers.
For the ease of use I filed a tiny grove into one of the cones of my pliers. You can see this in the second picture. The groove helps show me where to place the wire so I get consistent circles.
Place the center of the wire into the cone pliers and form a small loop. Bend one of the free ends away from the loop as shown in the pictures. Reposition the pliers and bend the other free end away from the loop.
You should now have an overlapping lollypop looking thing. Use the flat pliers to adjust the loop so the free ends are side by side and not overlapping. See the pictures.
Step 2: Form the Upper Wings
Place the loop between the largest part of the cone nose pliers.
Bend the free ends away from the center, around the cones, and back down the middle.
Adjust as necessary to make the sides even with each other.
Step 3: Form the Lower Wings
Move the wire up to the smaller end of the cones. I used the groove I filed as the reference point. Bend the free ends in the same manner as the upper wings.
Make sure the pliers are up against the upper wings before you start to bend the wire. Also, see that you wind the loop the same direction; in front on the upper wings.
Step 4: Tail Link
Place the pliers perpendicular to the body of the butterfly, just under the lower wings. Bend the free ends back to form the lower linking portion of the butterfly. Use the diagonal cutting pliers to cut the link to length.
File away any sharp edges.
Step 5: Make the Clasp and Put It Together
Make as many butterflies as needed for the person the bracelet is made for. Link the butterflies head to tail. Use the flat pliers to close the links.
For the clasp, cut a section of the paper clip out as shown in the picture. Form loops on both ends. Squeeze the clasp shut.
Make a ring with the remaining piece of wire. Attaché the clasp and ring to either end of the bracelet.
Thanks for reading.