First, you can cut it off below the armholes, and gather that length onto a smaller piece of pale pink cut from a different shirt in the scrap bin, so it will be a long enough skirt for a little girl. Sew a casing for elastic in the top,
and trim the bottom with matching velvet ribbon and a rosebud from the box of rosebuds you made while sitting with your mother when she was recovering from surgery. There, that's a good skirt for spring.
Then take the rest of the jersey and cut it into four long strips, each an inch wide. Pull them out into jersey ropes. Find a pretty straw bag at the thrift store for $1.00, one with a cheery yellow gingham interior, and cut the ugly vinyl straps out. Make new straps out of your jersey pulls, and give the purse to a girl with a yellow skirt.