How do I make ringtones on itunes 11.1.2?? Help meh!!?

I have the iphone 5 and the latest software on phone and iTunes as well. Back when I had the iPhone 4 it was breeze and now I cant figure out for the life of me how to do it. I made the ringtones on my phone, but you know the whole schpeel, everything having to go through iTunes. Somebody help meh!!!

Thanks in advance =)