Two sizes: Small Preemie and Large Preemie
I used scrap yarns to build these... but approximately 20-30 yards per color.
I used a 9" size 8 needle, but you could use a longer needle if you do magic loop, OR you can use double-point needles. I'd also recommend switching to double-point needles near the crown.
I also used a Clover Pom-pom maker 1-3/8" (35 mm) (though you can make your own pom-pom maker with cardboard... I just find the clover tool helps me make really full and fluffy pom-poms.
CO 40 (48) sts (or any multiple of 8) with main color (I used white)
Join in the round being careful not to twist
Knit 4 rounds with K1, P1 ribbing with the main color
Knit 2 rounds with just the Knit stitch with the main color
Knit 1 or 2 rounds with the contrasting color
Knit 2 rounds with the main color
Repeat these stripes 3 times (or you can continue the striping all the way through the decrease rounds).
Decrease round 1 - Knit 7 stitches, K2tog; repeat through end of round
Knit 1 round
Decrease round 2 - Knit 6, K2tog; repeat through end of round
Knit 1 round
Decrease round 2 - Knit 6, K2tog; repeat through end of round
Knit 1 round
Keep repeating the decrease rounds each time removing one knit stitch until you are down to 8 stitches in total in the round.
Cut the yarn for both colors, and use a darning needle to run through remaining stitches and tighten to close.
Cut the yarn for both colors, and use a darning needle to run through remaining stitches and tighten to close.
Using the clover tool and the contrast yarn - make a pom-pom leaving two ends. You want to feed both ends through the top of the crown on either side of the ring that was made when you finished the top of the hat and you want to knot this pom-pom exceptionally securely. You want the pom-pom to have NO GIVE (safety, right, not that most preemies will be grabbing the pom-pom, but you still want it to be safe.).