This lace colorwork pattern has two options that look very similar, but worked a little different. One of them is particularly easy to knit as there is no stacked stitches in it at all. The original option has some stacks, but those are decreases only. All increases in either option are loop increases, and worked almost as easy and straightforward as they look.

You can see both options next to each other on the second pic: the two simplified repeats are at the top, two original ones - in the bottom.

You will need fingering-weight yarn, and circular needles with sharp tips 2.5 or 3mm wide, whichever is more comfortable to use. While this pattern falls in the lace category, the fabric is somewhat dense and not really lacy, at least with suggested yarn/needle combination. I think with larger needles / thinner yarn you can actually knit it into a lace.
Superwash yarn is acceptable, but for the best result I would still use pure non-superwash wool or merino. The knitted fabric is quite crinkled right off the needles, and needs to be blocked to lay flat.