You are lucky I made this a few days ago.
View this pic as a guide to the following:
1. Click on the circled link, this is like your user area.
2. There are 2 areas here, the top one is for your favourites I believe. Click on the circled link.
3. Favourites work like playlists I think, enter a name into a box for your list.
4. Click button to save the list and it appears.
5. When you view a video from now on, there will be an option to add it to a play list, so click on the button next to the list name to add it to that specific list.
To view your list just go into your profile area as in step 1. and click on the list there to view the videos in them.