Thread one of the pipe cleaners through a hole in the button. Thread the other end of the pipe cleaner through the hole across from it on a diagonal (kitty corner).
Thread the other pipe cleaner through the remaining two holes in the same fashion as the first.
Separate the ends of the pipe cleaners so that there are two on the left and two on the right of the button.
Thread beads onto one of the pipe cleaners in this order: red, orange, yellow, green, blue, purple. Repeat the step on the second pipe cleaner.
Repeat the previous step until all four pipe cleaners have beads on them.
Twist the ends of the two pipe cleaners together where the beads end. Continue twisting until you reach the end of the pipe cleaners. Repeat on the other side.
Close the bracelet around your wrist by twisting the ends of the pipe cleaners together. You'll want about an inch of leeway but can trim off any remaining excess.