edited 6/3 - pattern here, if you’d like a long i-cord then don’t cast off the final 3 stitches, continue knitting i-cord. http://knittyknit.typepad.com/blog/2008/03/first-mothers-...

An edited version of this pattern http://www.ravelry.com/patterns/library/egg-cosy---egg-cap

after seeing a version done here
http://www.flickr.com/photos/supereggplant/2197134447/