The one thing I do differently from Chuck is that my stems are 2 piece. I start with a 1x1x5" stem and a 3x1" circle for the base. Grain on the stem runs up and down, grain on the base runs parallel to the ground. I usually cut my base with a circle saw bit on the drill press and cut out a 3/4" hole in the middle. Then I turn a 3/4" tenon on the bottom of the stem to fit the tenon and glue and clamp for 24 hours. I find the grain running parallel to the ground makes the base less likely to chip around the edges than if the stem is all one piece.