You will need 2 pieces of paper (you can use several different colors or just one), one 3 in. long and 3.5 in. wide and another 4 in long and 5 or 6 in. wide. Use the smaller piece to make the central cylinder by gluing the opposite edges together.
Then fold the bigger piece lengthwise and cut or let your child cut it the way it's shown in the picture.
Unfold it and glue one side to the top of the cylinder and the other to the bottom. Use a long, narrow strip of paper for the handle. When the lantern is complete decorate it with some glitter glue.
You can make these "lanterns" any size you like. Just make sure that the cylinder is shorter than the outer part.