This is a very easy to do ornament.
Select your font ( I used Lucky font) and type a name or word.
Then trace the name, draw two circles, weld the bigger one to the tracing. Then place the other circle inside the other. Duplicate on another artboard.
Cut the outline of the name and trace the word inside (I used the default settings only changed power to 80% for cutting) Last on the other art board, cut the name. Use the tracing to guide you to glue the words.