This is not worthy of being called a project. Doing some fooling around with some scrap, I made a pair of similar napkin rings. One is 3/4 inch oak and the other is about 5/8 in ‘wedge’ wood pine.
I cut these out using a hole saw with two rings installed on one arbor. Then I Sanded the faces and edges on a belt sander, creating bevels with the belt sander as well. Then I hand sanded and dunked them in boiled linseed oil. After that, I applied wax to them from a candle that contains a good deal of bees wax and rubbed it in and wiped the excess off with a scrap of blue jeans denim.
-- Ni faru ion el ligno!