That's the Ullared hat from Hats On! I used Debbie Bliss Merino DK, which the LYS had on clearance a couple of weeks ago, and a size 0 Options needle. (How the designer can possibly get 8 stitches to the inch with sport weight yarn on size 4 needles I can't imagine; Kristi at Weebleknits calls it the Charlene Schurch death grip!)

I haven't done a lot of colorwork in the past, and what I have done hasn't turned out all that great, so I was really happy that this hat turned out so well. Apparently (for me anyway), the secret to even, unpuckered colorwork is to do it in a small gauge! I had no problem keeping the tension nice and even on this. It has given me the courage to attempt fair isle in the near future. I'm especially pleased with how it looks from the inside:

I love how the pattern is almost as clear on the wrong side as on the right side!

If I make another of these, I will probably alter the pattern so that it has more ribbing on the bottom. I might do away with the cuff motif altogether and replace it with black ribbing; as much as I like the motif I would like even more for the hat to stay put on my head.