This pattern is hugely popular on Ravelry - there are 15781 finished posts of it on Rav and I have made around 20 myself. They knit up super quickly, only takes around a couple of hours and uses about 50g wool, 100g if you double strand which I do, making it super chunky. On 5mm kneedles, this is a great pattern for new knitters, it's the closest "instant gratification" project out there.
Some important info before you jump into the pattern; the original pattern knits up HUGE. So, for adult size ones I cast on 90 and repeated row five 9 times and even this has proved pretty generous on those with smaller heads. For kids, I cast on 70 and repeated row five 7 times. Because this is a rib knit, it has a bit of give, so knitting it smaller is highly recommended. Conversely, I have in the past put buttons on both ends on opposite sides; the pattern makes a number of different holes for the buttons in a decorative manner, so it can be made smaller if needs be.
You b*tches better appreciate the photo of myself that I included.