In a cinch!

** Link to Ravelry Project Page**  

Materials 
- Worsted weight yarn (I used Madeline Tosh Merino in Silver Fox)
- circular needle/dpns 4us and 7us
- length of ribbon to lace through eyelets

Pattern
- On smaller needles cast on 84 sts and join in round without twisting placing a stitch marker to indicate start of round
- k2p2 ribbing for 5 rounds
- Change to larger needles and knit one round (no more purling)
-- eyelet round-- *knit 5 stitches, k2tog, yo, knit 3 sts, yo, ssk, finish knitting round
- Knit 2 rounds*
- Knit from * to * until hat measures 7  inches from cast on edge
- Knit --eyelet round--
-- decrease round-- Knit 12sts, k2tog, repeat around needle (make sure to change to magic loop method, 2 circulars or continue with dpns when necessary)
- Knit 1 round
- Knit --eyelet round-- (this will be the last eyelet round)
-- decrease round-- Knit 11sts, k2tog, repeat around needle
- Knit 1 round
-- decrease round-- Knit 10 sts, k2tog, repeat around needle
- Repeat these last 2 rounds knitting 1 less stitch each decrease round (next round is knit 9sts, k2tog, then 8, then 7 and so on) until there are 5 sts between each decrease and then decrease every round until there are 6 sts left on the needles
- Break yarn and weave through stitches.
- Weave in all ends
- Weave the ribbon through the eyelets and tie a pretty bow!  
--- Depending on how many eyelets you make you might have to flub where the ends come through to tie the bow.  You shouldn't be able to tell once the bow is tied!  --- 

****Errata-- decrease pattern changed***