I purchased metal free ponytail holders from Target but I am sure you can get them almost anywhere. Just make sure they are stretchy and large or small enough for what you want.
I decided to show directions for a 2 color holder. You can make them a single color if you prefer. The corkscrew can be as short or as long as you want. I used an E crochet hook and worsted yarn.
Join the first color yarn to the ponytail holder and chain a couple of stitches with the tail enclosed.
Now is when you decide how long you want your corkscrew. For this one which is shorter I chained 15.
Pull a big loop of the first color so it does not pull out. Next join the 2nd color, chain (I chained 10 to make this color a little shorter than the first color) and then 3 sc in each chain. Pull a large loop of this color and the insert your crochet hook back into the first color loop.
Insert your hook into the previous color. Crochet 2 sc onto the ponytail holder and crochet the next corkscrew. Continue this process until you get to the end. Make sure you end up with alternating colors.
This has very long corkscrews, 25 and 30 chains and I used hdc instead of sc.