There are many variants of the so called "Ice Buzzer", but the 4 main colours of Flexifloss I use in addition to Red are Black, White, Claret and Olive, the hotspots can be anything you wish from fluo yarn to tinsels. Make sure you match the thread colour to the colour of flexifloss used. A mixture of different flexifloss colours for the body has also worked for me in the past.
The fly can be fished like many buzzers on either an intermediate or floating line using a very slow figure of eight retrieve. I have had many takes sitting this buzzer, static 2-4 feet below a dry fly used as an indicator and fished close to weed beds in shallow water. In winter this fly has excelled for me when trout are still taking buzzers as part of their diet.
Place a 2mm Goldhead Bead at the eye of the hook shank, secure the bead with a piece of copper wire bent into a loop and tied down the hookshank with thread. Catch in two pieces of Red flexifloss.
Continue tying down the hookshank, catching in the flexifloss to the base of the hook. Return the thread only to the eye of the hook, making a slim and equal body as you go.
Wind the two pieces of flexifloss up the hookshank until around 2/3's of the way up. Tie off the flexifloss. Catch in a small length of gold holographic tinsel. Continue the flexifloss a little further up the hook shank and tie off again.
Wind the gold tinsel around the hookshank until a small hotspot has been created. Tie off the gold tinsel and remove excess.
Wind the rest of the flexifloss up and down the thorax (as far as the hotspot) until a tapered body has been created from the hotspot to the head. Tie off the flexifloss and whip finish. NB. The flexifloss at the head end should be in line with the goldhead edges.
Varnish the whole body with Sally Hansons Hard as Nails varnish. For best results the body should be varnished at least 3 times to produce a good solid finish.