On hindsight, I think a plain coloured yarn will show off the texture of the pattern on the cozy better that this variegated yarn. So you might want to try a single coloured yarn instead.

Time frame: approximately 2 hrs
Finished mug cozy measures: 3.5” without edging - 4” including the picot edging/8.8cm height x 8.5”/21.5cm length (of the main body)/11.5”(29.2cm) total length

The mug used measures 2.75” diameter x 4” height (8.75” external all around the base circumference). It is a non-standard mug size. The extra loop which stretches, will help secure and tighten the mug cozy.