This necklace was done by "braiding" using a foam disk, some string and some beads. I looks kind of crazy but it was very easy to do, and braided up quickly.
I got started with this tutorial (no beads), and then once I was comfortable I moved on to adding the beads with this tutorial. I purchase my disc online here. It was a nice set that came with bobbins and a weight. All you need to get is the string, beads, e6000, and end caps!
As for the pattern and bead placement:
Stripes (red on top & bottom, white on the sides)
Stars (All blue except white top right and bottom left)