This simple project has a hung hem, and an eyelet row with an i-cord drawstring at the top. It can be worn as a hat with a gathered top, or untied and worn as a neckwarmer.

Based on the Sack Hat by KnitCulture.com, free here on Ravelry. I have adapted it for machine knitting.

A video tutorial can be found on my YouTube channel:
(53) Hat/Cowl - Easy Pattern for Machine Knitting - YouTube

The original handknitting pattern can be found here:
https://www.ravelry.com/patterns/library/sack-hat-or-cowl