You will definitely need a Topsy Tail or tool like it for this hairstyle. It's got two parts to it - the "Kissy Lips" and the "Bendy Braids" but they both derive from the same components, Inverted Pull-Throughs and regular Pull-Throughs.
Here is what the Kissy Lips look like. First you will gather a section of hair at the top of the head into an elastic. Then create an Inverted Pull-Through by poking your Topsy Tail up from under the elastic and pulling the hair through. Next you will gather another section of hair right before the first and secure it into an elastic - making sure to add in that hair from your Inverted Pull Through. Have your new elastic lying fairly close to your previous one. Now create a regular Pull-Through with that new section of hair by poking your Topsy Tail down through the hair behind the elastic. These two Pull-Throughs create your Kissy Lips.
I've sectioned out the hair and done two sets of Kissy Lips on each side of the head.
The lower set of Kissy Lips lies in the middle of the head on either side.
The hairstyle is finished off with Bendy Braids that are created simply by securing an elastic around the ponytail - about 1.5 inches below the previous elastic. Now grab your Topsy Tail and create and Inverted Pull-Through with that section of your ponytail. Add in another elastic (again 1.5 inches down) and create a regular Pull-Through. Continue this pattern down through the ponytail and then follow the steps with the opposite ponytail as well. The two different kind of Pull-Throughs will create a bent look in the ponytail. The picture doesn't really do these justice but they are pretty cool.