Thanks for your sweet comments, guys! I just use marshmallow fondant that I make myself with nothing added, but I have done this with Duff, Satin Ice and Fondarific too. I'm sure you know, but the darker the color, the longer the fondant takes to dry, so bear that in mind. The Duff fondant seems to stay soft for a very long time, even the lighter colors, so it's not ideal for this bow.
I know a lot of people use gumpaste and while it is edible, I just don't think people would actually like to eat it! I much prefer to use fondant, but you could use the same technique with gumpaste or fondant and Tylose, or even modeling chocolate.