I think this heart art at FamilyFun would be great fun for a preschooler to make! Also their beaded valentine hearts.
Here's a cool paper pulp heart by Art Projects for Kids, found via Maya*Made and her lovely Valentine's Day Round-Up. I also love Maya's newspaper heart bunting!
We made heart crayons like these at The Long Thread three years ago for the art group. They are fun and it's easy for a small child to help make them by peeling and breaking the crayons and putting them in the muffin tin.









