I've tried with the spring bones addon and blender's default soft body & clothes but I haven't been able to achieve something close to that bouncy-floating style of physics. Any help or suggestions with this are highly appreciated!
I realize that my first answer may be buggy (or at least I need to fix the issue), so here are 2 alternatives, with or without addon, I don't know if it will fit your needs though, as you ask for realism:
With the Wiggle Bones addon:
- Create your mesh and armature. Download the Wiggle Bones addon created by Shteeve here. In Pose mode, select each of the ear bone and go in the Properties panel > Bone and enable the Wiggle Bone option, play with the parameters.
- Create an edge, each of its vertex must stick to each bone's head and tail. Assign it a vertex group, the bottom vertex must have a weight of 1, the second a weight of 0.7, the last one a weight or 0.2 or 0.1.
- Give this edge a Physics > Cloth and in the Physics Shape panel, choose the group as Pin Group.
- Create an empty for each vertex, parent each empty to its vertex (select the empty, shift select the edge, go in Edit mode, press CtrlP > Make Vertex Parent).
- Give each bone an IK constraint and give it as Target the empty its pointing to. Choose a Chain Length of 1.
- Parent the edge to the head bone.