Copyright 2010-2012 LiLu Studios: This Crafting Life, by Lori Steffens. {http://www.thiscraftinglife.com/} Make it, Wear it, Love it, but above all, Share it, don't Sell it!
Materials:
2 colors light sport weight yarn
Either 6-7 dpns or a circular set, size 5 knitting needles
Pattern:
Cast on 260 in first color
R1: Knit around
R2: Purl around
R3: Knit around
R4: Purl around
R5: attach second color, YO, k2tog around
R6: k2tog, YO around
R7: YO, k2tog around
R8: k2tog, YO around
R9: YO, k2tog around
R10-14: Knit around
R15: Purl around
R16-20: Knit around
R21: attach first color again, YO, k2tog around
R22: k2tog, YO around
R23: YO, k2tog around
R24: k2tog, YO around
R25: YO, k2tog around
R26: attach second color again, knit around
R27-30: knit around
R31: purl around
R32-36: knit around
R37: YO, k2tog around
R38: k2tog, YO around
R39: YO, k2tog around
R40: k2tog, YO around
R41: YO, k2tog around
R42: attach first color again, purl around
R43: knit around
R44: purl around
R45: knit around
Cast off and weave in ends.