I've traded in my cupcake knitting obsession for the time being to obsess on another favorite of mine--preemie hats.
How I Knit a Basic Hat for a 3-5 lb Preemie
Yarn: Worsted Weight
Needles: Size US 7 (4.5 mm) DPNs
CO 48 sts.
Divide stitches evenly on three needles. Join in the round.
K1, p1 for 5 rounds.
Knit each round, changing yarn as desired to create stripes, until hat measures 4" from CO edge.
*K6, k2tog, repeat from * to end of round.
*K5, k2tog, repeat from * to end of round.
*K4, k2tog, repeat from * to end of round.
Continue in this way until 6 stitches remain.
Cut yarn 6" long and pull through remaining stitches.
Pull tail to the inside and weave in all ends.
Top with pom-pom.
Using yarn from my Cotton Ease stash (discontinued colors), I was able to come up with several combinations of colorful stripes.
As you can see, the possible combinations are many, limited only by imagination and yarn. And so far, I still have plenty of yarn; imagination is only slightly used up.