We made these egg carton caterpillars one day last year. They've been mentioned in a post previously but I thought I'd bring them out again just in case you're looking for a super quick craft to go with the book. They are so simple, all i needed to do was the cutting. N did all the colouring and smudging himself.
We simple cut the egg carton up and coloured it in to look like the caterpillar. I then drew some faces on. We used oil pastels, as they were new and I wanted to try them out. N liked to smudge them.
Paint would probably work better.
We then used the caterpillars as we read the story to act it out.
Here are some more (far superior) Hungry Caterpillar ideas from two of my favourite bloggers.
The Imagination Tree
Both Sites are well worth checking out. They are a constant go to for me at home and my playgroup. I've lost count of the amount of moms I've recommended them to.