The Melt the Ice Pattern will not create the pointy top. I modified it greatly.
For worsted weight with size 7 needle using magic loop:
CO 96 sts
Knit 1X1 ribbing for 7”
Knit 1” of stockinette
Place markers between stitches 24 and 25 and again between stitches 72 and 73
Round 1: k to within 2 sts of marker, ssk, sl marker, k2tog, knit to within 2 sts of next marker and repeat ssk, slip marker, k2tog. Knit to end of round.
Round 2: k
Repeat these two rounds until only 4 sts remaining
Now begin I-cord for 2.5”
Make 4” long tassel and attach to end of I-cord