Cut a big strip of black foam. Big enough to cover the lower portion of the bottle. Cut a large half circle on one side, this will be the tummy. Glue the foam around the bottle.
Cut three hearts from the red foam. Two large and one little. Make them a bow tie by putting the small heart in the middle and having the point of the two large hearts pointing towards it.
Glue on at the top of the tummy. Cut a small oval from yellow foam. Glue it above the bow tie but only glue the middle part. Fold the rest of the foam so that the little beak stick out from the body. Glue the googly eyes above the beak. Cut small feet from yellow foam and glue to the bottom of the bottle.
Glue a piece of red felt around the top of the bottle. Use a needle and thread to gather the top of the red felt to a point. Glue a pom-pom at that point. If you desire, cut white felt hearts and glue them onto the hat.
Cut a slice in the back of the penguin so the little kids can deposit their valentines in it. Make the slit big enough to put your hand in and pull the Valentines back out.