The Scrappy Gnome Hat
From Little Home Blessings:
This pattern is pretty much as easy as knitting gets. It’s the perfect keeping-your-hands-busy-while-doing-something-else kind of knitting, in two sizes, that as it turns out, fit just about everyone. It also happens to be the ideal stash busting project. In fact, that’s the whole idea behind it! It also knits up extremely quick. Like, need a gift for tomorrow? This is the way to go, quick.
The entire hat is worked in the round while holding both a strand of worsted and a strand of bulky yarn.