Neat! The red, drapey things are specialized structures that include numerous pollen cones on each. The larger cones are the female cones, which are most likely empty because of a lack of a nearby pollinator (another dawn redwood). These trees are easily propagated by hardwood cuttings in late winter/early spring, or by softwood cuttings (new growth) in early summer. Hardwood cuttings are normally taken prior to new leaves appearing. They can be simply set in an inch of water and allowed to grow roots (takes maybe a month or more depending on temperature), or they can be dipped in rooting hormone and inserted into a moist, well draining potting mix to root. The latter method is a little better for root development and transplant success. I couldn't find any specific information from a research institution, but here is one example video from a commercial tree farm showing their process, which is appropriate for hardwood cuttings.