It would be best to see the pennant in question. Assuming it's standard size, the best method is to use a protective plastic sleeve (easily found on ebay/Amazon). There are 2 varieties... rigid "toploader" style or soft/more flexible style.
Hang it with small nails running through the plastic (not the pennant itself). Of course ther are multiple (perhaps more attractive) framing options, if you want to invest the cash. Just depends on what you're willing to spend.
There have been pertinent threads on the Memorabilia side, which you can search. If you want additional advise, you should also consider posting over there.
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