Ok let's post this one also then even though i already made it last autumn. I've made 2 of these before in white for presents, but we all know where i stand with the color white, so i made mine with reversed colors. The pattern is originally from Knitty, but i modified to suit my thinner yarn. I used the same mohair as in The Moth (well actually The Moth used the same as the hat, since i made it later).
You can wear the hat as a ski mask when are in a snowstorm for example (even though i haven't dared to use it outside in the city cos i might get arrested) or have it rolled up looking like a normal hat. Folding it also makes it extra warm so your ears won't freeze.