In a medium bowl, mix all ingredients together adding a little bit of the water at a time. You may not need all of the water to get the right consistency. Combine ingredients until a soft dough has formed. The consistency should resemble that of playdough.
Knead the dough 6 - 7 minutes, or until smooth.
With floured hands, roll the dough out onto a floured surface until you get your desired thickness. At least 1/4 inch in thickness.
Cut out with heart shaped cookie cutters. Use the round end of a pastry tip to punch holes in the dough, where you want to lace the jute cord through.
Bake at 300 degrees for 45 - 60 minutes, keeping an eye on them toward the end to avoid over-browning. Allow them to cool completely on a wire rack.
Optionally, you can paint the ornaments with acrylic paint or spray with a clear acrylic spray paint, such as Krylon.