I must say that this is the item I have knitted this year that has had the most wearing. I believe the yarn is Schaeffer Elaine. It's a thick and thin hand-dyed yarn in my favorite colors--looks like the colors of pansies to me.
The pattern is loosely based on the little top-down shrug in One Skein Wonders, but I gave it sleeves and lengthened the body so it is more like a little cardigan. The button is made from Fimo or Sculpey; the LYS owner bought a bunch of them that a very talented woman did, and this particular one looked meant for my shrug-like object!
I actually made two of these shrug-esque items, because my knitting shop friend Erin really wanted to make one of the little shrugs for her rehearsal dinner, but was intimidated by the instructions--she mostly just wings it on things she makes. So, I made one out of some precious Noro Blossom I'd received as a gift, to be sure it was as easy as it looked (it was), then made this one to knit along with her. I think I got more out of the project than she did.
And indeed, I used all but a foot of that skein of expensive Schaeffer yarn, so it was a one-skein wonder!
I actually did most of a third one in a much smaller gauge with my leftover Noro Aurora, but the second yarn I added to it didn't work out, so those will get ripped out and used elsewhere.