Here is a hat I knitted for my brother Fred for Christmas. It's a simple pattern: cast on 70 on size 8, 16 inch circulars. Then, do a rib of K2 P2 for 12 inches. To maintain the nice decrease at the top, decrease 1 stitch in the knit stiches off for the first round, and for the second round do the purl stitches. Then, decrease by working two stitches together in the k1 p1 pattern.
Fred also got a nice review recently; maybe when he gets this hat he will send me some of these homemade marshmallows they mention in the review.
Truth be told I knitted one of these for my brother, both my brothers in law, and my dad. It's a good project for any knid of leftover yarn and it goes pretty fast on the size 8 needles.