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Description from Knitty.com:

This is a very delicate mohair scarf with very definite possibilities. You can, of course, wear it tucked inside your coat as a regular scarf, but you can also do so much more: button one end to the opposite side, and you have a lovely capelet; wrap it around your neck, button one end to the other end and you have a cowl; fold it in half lengthwise, lace a piece of ribbon through the eyelets along one side, and you have a hood that won't flatten your hair.

Use one or the other yarn to make this, not both together.