First things first, you'll need to build the Spinning Wheel on your farm. You'll need to collect 11 Empty Spindles, 11 Baskets, and 11 Wood Planks in order to complete the Spinning Wheel. These items are earned through a combination of general news posts on your wall and individual requests sent to your neighbors. When that's done, you'll need to ask four of your friends to come work as staff within the Spinning Wheel to completely finish it off.
The Spinning Wheel is similar to the Hen House or Yogurt Creamery, in that you must have at least four Adult Sheep and/or Rabbits on your farm for it to function. Remember, Adult animals are different than Prized animals, and Prized animals don't count here. They need to just be Adults. When you feed your Adult Sheep or Rabbits, they'll now drop Spinning Wool. This Spinning Wool is specific to the Spinning Wheel, and it will automatically be added to your in-game collection. When the collection is full, you can collect from the Spinning Wheel to earn Spun Yarn.
There are 12 types of special, or Fine Yarns, that are also available to earn through this event, with these 12 items coming in three different rarity categories. If you can collect all 12 of the Fine Yarns in the game, you'll earn a Manx Loaghtan Sheep for free. There's no time limit on earning him, so you don't need to worry about rushing to collect the 12 Fine Yarns. Just keep playing the game and tending your Sheep and Rabbits, and you'll (hopefully) eventually earn this little fella for your farm. Good luck!
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What do you think of this Spinning Wheel in FarmVille 2? Have you already been able to earn any of these Fine Yarn items? Sound off in the comments!