You will need the Vizros 4 plugin for this which is a purchase product. You can use the free demo but it will have the brand name all over the finished result.
You can get it Here
OK, firstly open a new file sized around 800 x 800 - you can always crop later.
Using your Pen Tool, select the same settings as mine, shown below.
Change the width to 30.00. Check Anti-alias and choose your desired colour.
In the centre of your canvas draw a straight light from left to right.
If you hold down the shift key the line will be straight.
Go to your Objects tab and Align Centre.
Go to your Layers pallete and click Convert to Raster Layer.
Go to your Layers tab and Merge Visible.
Your image should look the same as mine.
With your Magic Wand tool click inside the coloured area so you can see dancing dots around it.
Now go to your Effects tab and select your Vizros plugin. Select Twist and then change the rest of the settings to the same as mine.
You will be able to see in the preview pane how your curly ribbon is looking. Click OK.
You will now see your curly ribbon on your canvas . Go to your Selection tab and select None to remove the dotted lines and save.
Your curly ribbon should look something like mine, shown below.
Once you have created your first ribbon, you can play around and create your own styles by using patterned backgrounds, changing the curl of your ribbon, making it thinner, wider etc by changing the radius settings.
If you want to create the double twisted ribbon look, after you have created your first line and merged visible, add another line just above using a different colour. Convert to raster layer and merge visible. Use your Magic wand to click inside both lines and apply your twist settings.