Knitting abbreviations used in this pattern you can find here.
With smaller needles and white yarn provisionally CO 96 (104, 112, 120) sts, pm, join for knitting in the round. If you don’t want to make a provisional CO you can also use the long tail CO method and pickup the stitches from CO edge with a spare needle.
Work 2.8 (2.8, 3.5, 3.5)″ [7 (7, 9, 9)cm] of ribbing *(k2, p2) repeat from * to beginning of round.
Undo the provisional cast on and place the live stitches onto the spare needles. Fold the cuff.
Next round: *(sl1 from spare needle to the left working needle, k2tog the two first stitches of the left working needle), repeat from * to beginning of round.
You should now have a total of 96 (104, 112, 120) sts.
Break the white yarn. Change to bigger needles and take the red yarn. Work in stockinette until your work measures 2.8, (3.5, 4, 4.3)″ [8, (9, 10, 11) cm].
Setup round: *(k 24 (26, 28, 30), pm), repeat from * to beginning of round.
Decrease round: *(k to 2 sts before marker, k2tog, sm), repeat from * to beginning of round.
Repeat the decrease round every third round and work in stockinette in between the rounds until you have 8 sts remaining for your work. Break the yarn. Thread through a tapestry needle and draw through the remaining stitches. Pull tight, through to the wrong side.
If you would like to have a longer hat you can add some length here and/or work the decreases less often e.g. every 4th or 5th round.
Fill a clean sink or basin with water. Use cold water and soak for 15 minutes. Gently squeeze (never wring) to remove excess water. Gently spread the damp item out into a rough approximation of the desired shape and let it properly dry.
Following package instructions, make a pom pom and attach to the top of hat. The pompom attached to the sample hat is approximately 1.8″ [4.5 cm] in diameter. With the help of a tapestry needle weave in ends.