Super cute! I'd go with a simple blue binding. Cool colors tend to draw less attention to themselves than warm colors. The elephant should be the star of the show. Much as I love creative, artsy bindings, I think understated is the way to go in this case. The other thing to keep in mind is that typically prints will not show up as prints on the binding so if you go with a large floral print, it will just come out looking like random dabs of color. For that reason, I'd go with either a solid or a blender.
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On the other hand, if you really want to dress it up, I think a jet black (
http://www.robertkaufman.com/fabrics...mium/K040-114/)binding with some gold coated thread (
http://www.berlinembroidery.com/goldworksupplies.htm)couched next to it would really look stunning. However, gold thread is fairly expensive.
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