You need to color your fondant mass first to get all the colors you need.

For the skin color I use little ivory and soft pink. Make enough for hands legs and head.

FAIRY 1 (Pink Fairy)

Prepare the plate or a base for your figure. I always cover any base with plastic wrap. It will make it easier to get your figure off from the base to put it on the cake.

I always start from the legs. Make two legs and place them in the position you want on the base.

Position your molded legs the way you want

Then add the body. You should make the body piece inside pretty skinny as you will be adding fondant to it and it can became easily very fat looking fairy.

Add the body. It is good to add some gumtex in the fondant for the body so it will keep its shape. You dont need to add gumtex for any other part except if you want the hands to stay up without support.

When you have made the body, make the head and start with the skirt or dress. I use here for the skirt flower petal type pieces When finished with the dress I make sure that I havent pressed the pieces too tight on the board. With a thin spatula I unglue them and change their places. You could also put some icing sugar on the base for easy removing later. It is easy to do if fondant hasnt dried yet. If your body mass inside is the color you want for the upper part of the dress mold out  the hands, if not, start making the upper part of the dress.

Then add  hands and arms to the body

If you want to decorate the collar then now it is the time to do it. Also add the pre-molded head & sleeves if you wish.

You notice in the pictures that pink fairy will be much chubbier looking than the white one. White fairy doesnt have extra layer of fondant on her upper part of the dress

Basic hair then add tiny rolled lines to make curly hair.

This is the part that takes most of the time making the figure.

Now paint the face and detail on the dress.

Wings from petal shapes and finished fairy.

Note: For an extra realistic effect, you can create realistic edible wings

FAIRY 2 (White Fairy)