Dish Towel
Gauge is not important. Cast on enough stitches to obtain desired length. Knit 1 row. Knit 2, yarn over, knit 2 together, knit to end of row. Repeat pattern until desired width has been obtained. Bind off.
I ended up with approximately an 11" x 11" towel.
This only took one ball of Peaches and Creme yarn on US size 7 needles.