This lovely cowl can be worked in fingering to light sportweight yarn (shown in glorious Bijou Basin) or laceweight yarn.

The main pattern is a modified Print O’ the Wave. To me it looks like kelp fronds.

Notions & supplies: Beads Size 6/0 (laceweight version only): 112 if knit as shown. 16 total beads for edging, 96 beads for center.
Yarn needle
Crochet hook for beading (or) dental floss.

Note the original fingering weight cowl took nearly all of 1 skein; purchase of a second skein is strongly recommended.

Yarn requirements above are for the fingering weight version.

Thank you to Alexandra Virgiel for tech editing.

Errata 03/07/16: Reference for working repeat: Should read

Begin working CENTER LACE PATTERN (ROUNDS 24-35 (20-31)).

ERRATA to printed pattern from Stitches West 2012 (missing ssks, change ssk to k3tog; changes are bolded):

Laceweight:
Round 20: K2, yo, k2tog, yo, k1, yo, k2, ssk, k3, k2tog.
Round 22: K1, yo, k2tog, yo, k3, yo, k2, ssk, k1, k2tog, k1.
Round 24: Yo, k2tog, yo, k2, PB, k2, yo, k2, k3tog, k2

Fingering weight:
Round 24: K2, yo, k2tog, yo, k1, yo, k2, ssk, k3, k2tog.
Round 26: K1, yo, k2tog, yo, k3, yo, k2, ssk, k1, k2tog, k1.
Round 28: Yo, k2tog, yo, k5, yo, k2, k3tog, k2.