This scrunchie is knit stockinette in the round then seamed around a hairtie elastic.
This is an easy project that does not require blocking. The pattern is written in stockinette, but modifications are included for variations.

Size Guide:
One size
Gauge:
18 sts x 24 rows = 4 x 4 inches in stockinette on US7 [4.50mm]
Difficulty Level:
Easy 
Materials:
Approx. 41 yds / 38m of Queensland Coastal Cotton (100g=185yd/170m)
US7 [4.50mm] 16” circular knitting needles
Elastic hairtie
1 stitch marker
Tapestry needle