At the command line:
$ [sudo] easy_install cookiecutter
Or, if you have pip (the Python package installer tool):
$ [sudo] pip install cookiecutter
First, read History in detail. There are a lot of major changes. The big ones are:
Upgrade Cookiecutter either with easy_install:
$ [sudo] easy_install --upgrade cookiecutter
Or with pip:
$ [sudo] pip install -U cookiecutter
Then you should be good to go.