Yum! Looks so much like cotton candy that I have to resist taking a bite. The pattern is Swallowtail, (Interweave Knits, Fall 2006)--a charming design from Evelyn Clark. The yarn is the Count 5 mohair I bought at Yuzawaya a few weeks ago--soft was goose down.
This confection is providing a much-needed respite from the incessant K3togs and P3togs in my Spider King. I had to rip out a row today because I read the pattern sequence incorrectly. That's the first actually tinking I've had to do, but it was a real annoyance undoing those P3tog stitches with a pin. Fooey!