As a Middie I got to spend a few days above the Arctic circle on a fast attack boat during a summer cruise. We got our Bluenose (think Shellback with more of an ice theme) but didn't come, thankfully, anywhere close to spending the required 28 consecutive days required for the medal.
For arctic service, it's a ribbon, and I believe it's 28 consecutive or non-consecutive days above the circle. My first deployment was to Kef, the ribbon was relatively new at that point, and the CO made it a point to have our flights above the circle specifically noted. Pretty much every flyer came away from the deployment with the ribbon.