11/11/2011 10:24 am ET Updated Jan 11, 2012

Oprah's 'Favorite Things' 2011: Jay-Z's Champagne Makes List (PHOTOS)

At a time when low TV ratings and decreasing ad sales are plaguing her empire, Oprah is sticking to a formula she knows best: giving things away.

Though it won't be met with the same degree of hysteria as her daytime TV giveaways (who can forget this?), Oprah's "Favorite Things" are still drumming up excitement, especially for the 12 Oprah Magazine readers who'll win every item featured on her 2011 list, as part of the "12-Day Holiday Give-O-Way" sweepstakes she's hosting through December 9.

This year's favorites include scented candles, Marigot Collection's pajamas and cashmere robe, and favorites from friends and contributors, such as a seven-layer caramel cake and a python-print wheeled carry-on bag that BFF Gayle King loves.

Oprah's also over the infamous beef she had with rapper Jay-Z apparently, giving his $300 Armand de Brignac's Brut Gold champagne a spot on the list.

Many of the gifts on the list come with discount codes for The Oprah Magazine readers, while PEOPLE magazine is dishing out advice from Oprah's cohorts on how to navigate the holiday shopping scene. "Shop early," Gayle King told PEOPLE. "I so admire the people that are done with all their shopping by mid-December! That’s normally when I'm getting started."

PHOTOS: Check out more of Oprah's 2011 faves.