The first thing I do is create a new image 150 x 150. Make it so the background is already transparent.
Next I use the paint brush tool, setting the master diameter to 146. Make sure that the brush is a circular one.
Pick what color you want the outer border of your circle logo to be. In my case here, I picked black.
Next, set your master diameter to 140(you can play around with the diameters on your own to get different effects).
Click on the color you want to be next to the border. In step2, I picked yellow. Line up where you want the next circle to be over the black. It's fairly easy in this step to get it even.
Next, set your diameter to 134.
Pick the color you want the main portion of the circle to be. In step three, you can see I chose black. Line it up again evenly, and click.
The next thing is to add a center circle with a ring around it. You're going to be repeating the above steps, but with smaller circles. For this logo I set the master diameter to 98. Again, you could play around with this so that there are two colors etc, by following the same thing but with different size diameters.
The next circle was set to 92 here:
The next step would be to add a logo in the center diameter. You can resize it to your needs before placing it on the logo you are working on.
Or alternatively, you could add a letter logo:
Now you are ready to add text. You could either create a path to write on, or simply use the text arc tool. Once selected, you can alter the text bend to fit into the circles that you have created. To make the bend go up, you just need to go onto the negative scale.
Logo with text:
If you want to add something to separate the text on top from the bottom from the text on top, now is the time to do it. An easy way of doing this would be to set your circle brush to something like 6, and then click where you would like them to go. You could also use simple graphics like a star or a fleur de lis in the same position.
Keep in mind that this is just an example. You can play around with different size circles to create different looks. You can also start by using a bigger template, say 226 x 226, and adjusting the circles accordingly. Then re-size the logo to 150 x 150 for OOTP.