There are many variants of the so called "Ice Buzzer", but the 4 main colours of Flexifloss I use in addition to black are Red, Claret, White and Olive, the hotspots can be anything you wish from fluo yarn to tinsels. Make sure you match the thread colour to the colour of flexifloss used. A mixture of different flexifloss colours for the body has also worked for me in the past.
The fly can be fished like many buzzers on either an intermediate or floating line using a very slow figure of eight retrieve. I have had many takes sitting this buzzer 2-4 feet below a dry fly used as an indicator and fished close to weed beds in shallow water. In winter this fly has excelled for me when trout are still taking buzzers as part of their diet.