One thing we've been doing is the Pizza Hut reading program. I found out that they will send you the same kit that the teachers get if you home school, how cool is that?
Check it out here: http://www.bookitprogram.com/
Anywho, I was trying to come up with a creative way for him to track the number of books he had to read to earn the free pizza coupon. We decided that twelve books, (on his own time), could earn a coupon.
At first I thought about making a caterpillar head and adding a circle piece body for each book, but then I came up with this which seemed more fitting....I'll probably still use the caterpillar idea for the summer reading program.
So we made a pizza out of construction paper. A big round orange piece, then a smaller red piece and a slightly smaller yellow piece. Then we cut out red "pepperonis" and put them in the pepperoni holder underneath the pizza. Every time he finishes a book we write the title and author on the pepperoni and stick it to the pizza. When the pizza is full of pepperoni and the envelope is empty, we know it's pizza time!
You can make this a lot fancier if you'd like, personally, I prefer to let my son do most of the hands on stuff himself and try to make it fun instead of fancy.