I'm currently making a model of santa for a short xmas animation i plan to complete, I'd like the clothes to move realistically and wondered how i can get santa's hat to bob around as a real santa hat would

do i model the whole hat in maya cloth and parent it to his head? or is it best to use soft bodies?
I don't have a clue and i'd love to know the best method for it
(prehaps i should rig the hat and animate it too?)