Yarn: Lion Brand Microspun in Mocha (approx 37 yds) and Bernat Satin Sport in Flamingo (approx 8 yds)
Needle: US size 2 circ
Pattern: Improvised. I cast on 60 stitches in the tan/mocha color, using Magic Loop to work in the round. The first 9 rounds (about an inch) are in k3p3 ribbing. The rest is in stockinette. I started decreases when the hat measured 5 inches from the cast-on edge. The first decrease was simply 4 stitches (one every 15 stitchs) to leave 56 stitches per round. (FYI: the stitch decrease method I used was a simple K2tog.)
After that, I started decreasing every other round, as follows: I worked 8 decreases evenly around (every 7 stitches on the first decrease round). Every decrease row was followed by a row of straight knitting.
When I was down to 24 stitches, I switched to the pink yarn. I did it on a decrease round, then continued the decrease pattern (decrease on one row, straight knitting on the next). When I was down to 8 stitches, I worked a round of straight knitting, then on the next found I did this: k1, k2tog, k2, k2tog, k1, so that I wound up with 6 stitches. I wanted the smaller nipple tip that would be created by using fewer stitches. After that decrease, I knit 3 rounds without decreases, then cut a 5-inch tail and pulled it through the live stitches, drawing them tight. Then I wove in all the yarn ends on the inside.
Total project time: about 2 hours