This is the method I use for characters with obscenely large ponytails. I first came up with it when I made a Kuhn wig (.hack//GU) for a client. I was commissioned to make Thumbelina (from the Don Bluth film) which I finished recently, so I took pictures along the way to help others make their own UBERPONYTAIL wigs.
Lunaladyoflight's UBERPONYTAIL Tutorial
http://fav.me/d4xqso5