I used a 5/8 gauge loom. This gauge is the same as the 24 peg Boye Round Loom, the Knifty Knitter 24 peg loom and 48 peg purple hat loom.
I used one strand of Peaches & Creme Cotton, but I imagine any cotton could work.
Worked as a flat panel, with the flat or u-knit stitch for the knits. My finished piece is about 6.5 inches wide by 6.5 inches tall