If you want to make a gif from YouTube, there are a number of tools available. Most, however, are clunky, work badly or require a login before you can import links. A new up-and-comer in the space is simple, clean, and easy for anyone to use.
Called GifYouTube, it was created by three Harvard students who have decided to drop out of school in order to work on their product. As user GIFYT explained on Reddit, "We could definitely work on it at school, but it's just a little different. Right now we devote all of our time to making sure gifs are making, and implementing user feedback. In the coming weeks, we're going to unveil (hopefully) something that will change the way we use Reddit and gifs in general."
You can use it in two ways: firstly, by visiting the GifYouTube website and pasting the YouTube URL in the text field. Secondly, you can go to any YouTube video and insert the word "gif" before the word "youtube" in the URL, so that https://www.youtube.com/watch?v=xzhr71k-C18 becomes https://www.gifyoutube.com/watch?v=xzhr71k-C18.
At the moment, it's very bare bones: you can select a start time using the player, then select the length of the gif -- anywhere from 1 to 10 seconds -- and add a title. It then automatically creates your gif and provides you with links to share it on Facebook, Twitter, Tumblr, and Reddit.
Upcoming plans for the tool include caption support and WebM support, and the team is working on making sure the website is running smoothly and implementing user feedback. You can check it out and reserve a username by visiting the GifYouTube website.