Japanese Paper Clay aka Fuwa Fuwa Clay
When I was in Japan I learned about this new kind of crafting clay called "paper clay" or "fuwa fuwa clay." It comes in kits from which you make adorable miniature desserts. The clay is unbelievably light and pliable (the term "fuwa fuwa" means light and fluffy). It air dries overnight so no baking it in an oven like with polymer clay.
The pictures above are from zakkalife.blogspot.com.
If you want to buy some of these kits yourself, here are some places to find them: