LiEr from ikat bag shares a free pattern and tutorial on her blog for making a stick horse out of a pants leg. The blue jeans she used are super cute (especially with the pink bridle and pink yarn mane), but you could easily use pants from other fabrics as well. A pair of khakis would make a light brown horse. Or maybe even a floral print for a super girly horse? Get the pattern.
[photo from ikat bag]