I've been planning this one for awhile and finally placed it a week ago. I thought I'd share it with detailed pictures in case anyone else wants to try this themselves.
First, I bought a plastic owl from Walmart, the kind they put in gardens to scare away birds. I widened the opening at the bottom to make it large enough to accommodate a lock & lock container, and I cut small holes in the front and back for a metal rod to slide through to keep the container from falling out of the owl. After these pictures were taken I put a metal binder clip on the end of the metal rod to keep it in place. There's a place for a hook at the top of the owl and I threaded two metal keychain rings through it.
I didn't want to do a regular owl cache so I suspended it about 25 feet high on a tree (yes, I hiked an extension ladder into the bushes).
I used 100+ feet of polypropylene rope and strung it at the 25-foot height through eyebolts attached to multiple trees. At the final tree, which was 30 feet from the cache, I threaded the rope through a final eyebolt and brought it down near to the ground. The idea is that the cache coordinates are at the owl, but they'll only see it if they look up. And when they do, they'll have to figure out how to get it down. They'll need to follow the rope in the air from tree to tree to find out where it ends.
At the base of the final tree, I threaded the rope through a final eyebolt and then used two hooks to wrap around the slack in the rope. I attached the end of the rope to a carabiner which ensures the end of the rope won't go through that final eyebolt even if a finder accidentally lets go of it.
I measured enough rope so that when the rope is unwound from the hooks and the weight of the owl pulls the rope through up to the carabiner, the owl drops down from the tree to about waist level so finders can access the cache.
To reset the cache, the finder pulls the rope to elevate the owl and winds the rope back around the hooks.
If anyone is interested in more details, feel free to PM me or ask in this thread.