I just thought I'd post this little cutesie project. It took all of about 2 hours to make. It may have gone faster, but I wanted a nice tight gauge, so I knitted it in the round with worsted weight wool, on 4 size 2 DPN's.
Cast on 42 stitches, and the pattern is as such:
P2, K4, P2, K4, P4, K4, P2, K4, P4, K4, P2, K4, P2. Following that stitch count, I just twisted the cables after every 4 rounds. You could go every 6 rounds, or whatever you like, and it doesn't matter which direction you twist, just have fun with it. Mine is about 2 1/2 inches tall. When it was done, I lightly felted it by smooshing it around in my hands, in alternating baths of hot soapy water, and icy cold water. until it was slightly firmer than the finished knit fabric. Rinse well, roll in 3 paper towels and squeeze! Immediately put it on a 16 oz cup like the one in the picture, (available at the grocery store) fill it with boiling hot water, and let it sit until the water had cooled, and the cozy is dry.