Top Knot Toque
I was intrigued by the ponytail/bun beanies and wanted to create a beginner-friendly pattern that worked up quickly. This pattern is worked top-down and it starts with a hair elastic, though you can easily adapt it to start with a chain instead.
I used a combination of bulky and worsted weight yarn because that was what I had on hand.
Edit (12/8/16): I have updated the pattern to include specific instructions for worsted weight yarn as well.
As always, I hope that you enjoy this pattern. Please let me know if you have any questions or concerns.
Note: I have gotten a few comments about hats being too large. No matter what size of yarn you use or what round you are on, stop increasing at 6 and 1/2 inches across. Any larger and your hat will be too big.