This is a lovely reversible cowl, framed by a border of rice stitch pattern that looks like a broken rib on the reverse side, and worked in stripes of “real“ two color brioche stitch pattern in the round, the kind of brioche pattern you get when knitting with needles.
This pattern was designed to work with the new Knittingboard Rotating Double Knit Loom, and although it seems that you are working double knitting in the round, the “Front to Back (FTB)”, or “Single Rib” way of wrapping the pegs will give you a single knitted piece, wider than a regular double knitted item would come from this loom.

Skill Level: this is suitable for an intermediate loom knitter, familiar with double knitting techniques like long tail cast on, purling, knitted bind off, and color changes, but there is a 10 pages step by step photo-tutorial at the end of the instructions that would help an adventurous beginner.

I updated this pattern on 01-16-2018, adding links to some videos I made showing how to work the techniques used here

Loom: KB Rotating Double Knit Loom, set with both looms.

Yarn: I suggest working with one skein of a worsted or Aran weight self-striping yarn, and one skein of worsted or Aran weight yarn in a contrasting solid color. For the sampler I used about 136 yards of Premier Yarns Boreal (1.25 skeins), and about 56 yards of Willow Yarns Rustic (0.5 skein).