One quick and easy baby gift I like to make is a crocheted hat. If you use a thick yarn, you can whip one out lickety split. Today I made this one, then added one of the flowers I made on day 6:
If you don't know how to crochet, I encourage you to learn. It's one of my favorite things to do. It's relaxing (usually). It allows you to make inexpensive but awesome gifts. It's fulfilling to take a ball of yarn and turn it into something you can be proud of.