This simple rectangular wrap is knitted flat. The pattern is completely reversible. Start with 2x2 ribbing edge, work the pattern, then finish the wrap with another 2x2 ribbing edge. Optional is to slip the last stitch of each row without working it for a nicer edge.
You will need less then three skeins of yarn, there is enough leftovers on the last skein to make a hat that compliments the pattern.
LM Hat pattern