This isn't really a niddy noddy per se, but it is a skeiner. I use it to measure the yardage of my handspun yarns and prepare them for washing.
As you can see, it's just a length of cardboard that I measured and cut. It's easy to make, cheap because you probably already have some boxes around, and another nice thing about it is that you can take notes on it! I write down my yarns' WPIs and yardages on the skeiner so I remember for later.
I also cut a notch in the top, which is where I keep my starting end. After I've wrapped my skein around the cardboard, I tie the ends like I would usually. Once around the skein is exactly 1 yard, so if I forget to write down the yardage, all I have to do is count the loops. 1-yard is small compared to a normal skein, but it's a fine size for handspun hanks. My skeins of handspun tend to be pretty small.
Of course it's not a real niddy noddy, but it beats wrapping my skeins around a chair or a book. I know exactly how long it is, and I can take my notes on it to boot. Since it's thin, it takes up very little space. And if it ever gets bent or torn, I can easily make a new one.