Eric Carle's classic The Very Hungry Caterpillar is perfectly suited to this project although you can surely think of others that would fit the bill (Bread and Jam for Frances comes to mind). If you don't sew - try cooking up something from your child's favorite book instead.
Sachiko shared this incredible project (find it here) on No Big Dill as part of a terrific series, Once Upon a Thread which challenged crafty bloggers to create a sewing project related to a book. Not only are the projects great fun to see, you may discover some great new-to-you books.
(Image: Sachiko/Tea Rose Home on No Big Dill)