My little boy thinks this looks like "Genie Hair," can't say that I disagree!
I'm thinking you can figure out how to get to this point by looking at the pictures.
Pull everything into one. (After looking at these pics, I think I like it better left just like this. But, if you want an upside down pony, proceed to the next step.)
There's already sort of a hole to go through, I just stretched it out a little.
Do an upside down pull-through by pulling the pony up through the hole and over the top.