Turtleneck Egg Cozies from Weekend Knitting (http://www.ravelry.com/patterns/library/turtleneck-egg-cozies). And because I am constitutionally incapable of giving a suggestion without the accompanying story:
Years ago, my twin nieces asked me for Weasley sweaters for Christmas. I said one day. For their graduation from college (!!!) in May, I knit a pair of these little sweaters: one purple with a blue "M", one blue with a purple "A". (Or possibly vice versa - letters worked in duplicate stitch afterwards.) I stuck a little loop in there so they could hang them wherever. Both girls flipped out with excitement, and promptly hung their sweaters from their cardigan button (A) and eyebrow ring (M - briefly).