I designed this hat/cowl for Pico Accuardi Dyeworks’ Created in Oregon: A Knitter’s Datebook 2012. It uses one 100 gm/skein of worsted weight yarn (less than 100 gm, but more than 50, just so you know).
The transformation from cowl to hat is accomplished by a drawstring through the top. Simple, but effective.
This pattern is available as a pdf file through Ravelry.com; pay is through PayPal and it’s an automatic download. Just click the ”buy now” button and you’ll be guided through the process.