I learned the basic technique for the star from Princess Hairstyles. It has become one of our favorites, and we do it often around Independence Day (4th of July) and Christmas. Thank you, thank you, Princess Hairstyles! Rather than reinvent the wheel here, I just want to show a little how I've tweeked it for my own preference. Please look at the link above to get the step by step.
If you can see it in the picture, I have changed the shape of the parts. The Princess has a triangle shape section of hair with the point at the forehead. Belle's triangle shape has the point at the back. Another difference is the placement of the hairbands at the sides. Rather than pull the hair together in the middle of the section, I have put the hairband along the part. The part then sort of fills in for the fifth missing side of the star.
Instead of doing hawser twists, I've just twisted each section. It won't hold on its own with hairbands, so you have to use clips to stick them to the bottom piggy until you get the hairband over it. Also, if you twist the two pieces from the middle top section in the same direction, you might have a problem with the hairband rolling over. If that happens, you can twist the two pieces in opposite directions.
Here's another shot when we've done it with braids. It is a little more difficult to recognize that it is a star this way, but still an interesting and fun style.