|Corrugated ribbing is a staple in Stranded knitting... and a bit of a pain to work, but it looks awesome!|
Read it and weep, colorwork amateurs.
It's so disappointing that such a simple hat should cost $5.50. All it is is corrugated ribbing and stripes.
Well, at first I was going to attempt to reverse engineer it (because its cool) but I haz the Lazies (the L from this point forward) and decided to search on Ravelry for something similar.
I found one... Portable Rainbow Hat - almost exactly the same... but free. Just reduce the length of the ribbing, do it all in stockinette, and make it slouchier than the pattern calls for. It even uses a bigger needle so you'll finish it faster! I plan on making one myself :)
Alternatively, if you want to play around and made something that looks like a more exact facsimile, Here's a good guide on corrugated ribbing for the uninitiated. Play around with needle sizes and # of stitches CO, work two rows of stripes per color, and pick a nice crown decrease.
UPDATE 5/12: apparently it wasn't corrugated ribbing... on closer inspection, it's just alternating 2x2 stockinette with the two colorways. [This also more than ever makes it not worth paying for IMO]. But I think this hat would be fabulous with the addition of corrugated ribbing, so do either one.
(That is a picture of one of my WIPs btw)