by craftbits (Shellie Wilson)
What you need
Four size 5 (3.75mm) knitting needles or size 5 round knitting needle (If using a size 5 round knitting needle, you will need to change to knit off of three size five double pointed needles when decreasing stitches at the top of the hat).
2 Colors of wool
Beg at lower edge with size 5 (3.75mm) needles and color A, cast on 114 sts. Divide sts evenly between three size 5 knitting needles (38 sts per needle), or apply them all to one size 5 round knitting needle.
Work in St st for 12 rows.
*With color B, K1 row, then P3 rows. With A, work four rows in St st. Rep. from * (8 rows) for stripe pattern until piece measures approx 5″ from beg with edge rolled (or approx 7″ from beg if piece stretched).
Work 4 rows of St st in color A; then work with color A only to end of piece.
With color A, *K1, SKP, K13, K2tog, K1; rep from * 5 times more, ending with K1.
Next Row: *K1, SKP, K11, K2tog, K1; rep from * 5 times more, ending with K1.
Continue to dec in this way (every other row having 2 sts less between dec’s) every dec row, until 30 sts remain.
Next Row: *K1, SK2P, K1; rep from * 5 times more, ending K1. (24 sts).
Next Row: K2tog across. Pull yarn through remaining 12 sts and draw up tightly. Cut yarn leaving 12″ end for finishing off.
sts = stitches
St = straight
SKP = slip one st, K1 st, then pass the slipped st over the knit st.
SK2P = slip one st, knit 2 sts, pass slipped st over the 2 knit sts.