I’ve knit this pattern on so many different yarns -- Blue Moon medium weight (Fire on the Mountain), Cherry Tree Hill (Java), Fleece Artist (blackberry), Debbie Bliss Cashmerino (red!) -- and it always comes out nicely. I always knit it on 2 circulars.
You can work the waffle pattern as either K2, P2 all the way across, or you can start K1, then P2, K2 repeat to the last 3 sts, end P2, K1. If you do it K2, P2 across, you need to shift one stitch on each end so that it comes out balanced across the instep (so you’ll have that second method that start K1).
Email me if you have questions. Oh, and look for the “Dishcloth Socks” pattern on the blog. It’s a nice picture, and it’s the same pattern.