I have this garland that I picked up from Home Depot last year after Christmas for 75% off (total $3).
I wrapped it up in a circle. Voila! Not done . . .
I discontinued these garlands from my christmas tree and they've just been sitting in storage, but together they create the perfect candy cane pattern.
Wrap them around the wreath . . .
Place a nice bow on the bottom and you're done!
Problem solved! Seriously, 5 minutes. It doesn't get better than that. Maybe next year I'll go more elaborate, but now I feel comfort knowing that hook on the door isn't naked anymore.