Assuming you already have a tumblr account, like http://ellens.tumblr.com/
1. Go to your DNS manager (eg. http://GoDaddy.com)
2. Login and go to the DNS total control panel
3. Add an ‘A’ record that points your subdomain
(eg. ‘your-cool-subdomain-name’ or ‘tumblr’) to 72.32.231.8 – if you want to have your-cool-subdomain-name.ellens.com or tumblr.ellens.com
4. Save that configuration
5. Go to your tumblr page (eg. http://ellens.tumblr.com/)
6. Click on ‘Customize’
7. Check ‘User a custom domain’

8. Add your custom subdomain (eg. http://tumblr.ellens.com/)
9. Click ‘Save’
This is pretty simple.
Very important note: Please give it time, 1 to 24 hours. I forgot about this and I freaked out because I was getting the “We couldn’t find the page you were looking for.” error message. I gave it 15 minutes and then it started working.
Also, keep in mind that http://etagwerker.tumblr.com will redirect to http://tumblr.etagwerker.com after you do this. You can change it back at any time.

how to set up a custom subdomain for tumblr
Assuming you already have a tumblr account, like http://ellens.tumblr.com/
This is pretty simple.
Very important note: Please give it time, 1 to 24 hours. I forgot about this and I freaked out because I was getting the “We couldn’t find the page you were looking for.” error message. I gave it 15 minutes and then it started working.
Also, keep in mind that http://etagwerker.tumblr.com will redirect to http://tumblr.etagwerker.com after you do this. You can change it back at any time.