Gumpaste can be rolled very thin and dries hard and fast. Fondant can be easily used also, but it won't be as thin and it takes a little longer to dry. You can use either, or a combination of both. I have a tutorial on my site if you are interested:
http://www.cakeboss.com/FondantBowTutorial.aspx
Good luck! 
For your first time I'd probably use a mixture of fondant and gumpaste. This will give you more time to work with it before it starts hardening while you are working on it.
THANKYOU Kellym!! i have attempted the bows topper to my cakes, and they just weren't turning out. your tutorial filled me in on exactly what i was doing wrong! your tutorial is so helpful
I too use Nic Lodge's Tylose gumpaste recipe.
http://www.nicholaslodge.com/gumpaste.htm
Straight gumpaste will give you a much stronger bow and of course will dry faster. But there is no reason for it to dry out before you have completed the bow. Just cut several strips and only work on one at a time. Keep the rest covered with a plastic flap or plastic wrap. Straight fondant is just too soft in my opinion and takes too long to dry. 50/50 paste works but is still not as strong as straight gumpaste and won't dry as quickly.
can i sub wilton's gum tex for the tylose in nick lodges recipe? i'd like to give it a try, but i already have a can of gum tex i'd like to use up.
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