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The statue method is when you line up many of the mob spawning statues in a row and have them kill each other off and drop items.

The statue placement

I have a room in my house that is pretty wide. The way into this room is through the top where the mobs cant jump up to.

What happens

(From left to Right) a bunny statue, a grey pressure plate (make sure it's grey),skeleton statue, heart statue, jellyfish statue, yellow pressure plate (again do the same colors I do)bunny statue, goldfish statue, goldfish statue, yellow pressure plate, piranha statue. The skeletons and piranhas kill each other off while killing the goldfish and bunnies. The constantly move there for you have an endless amount of creatures being spawned. In about 10-20 min of doing this (with the goldfish and other items you get) if you sell them you can or will have around 40-50 gold easy. Also you get universal drops. I got the 1 in 1000 drop chance robot hat my first time using this method.