Cast on 224 sts. Join being careful not to twist.
Rnd 1 *K2tog; repeat from * around -- 112 sts.
Rnd 2 *K2tog; repeat from * around -- 56 sts.
Rnds 3-10 Knit.
Rnd 11 (Eyelet Rnd) *K1, yo, k2tog, k2, skp, yo, k1; repeat from * around.
Knit until piece measures 7" from beg.
Next Rnd *K2tog, k5; repeat from * around -- 48 sts.
Next Rnd (and all alternate rnds) Knit.
Next Rnd *K2tog, k4; repeat from * around -- 40 sts
Continue decreasing 8 sts every other round as set 3 more times -- 16 sts.
Last Rnd K2tog around - 8 sts.
Break yarn leaving a 6 inches tail. Thread tail through remaining sts, pull snugly and secure.
FINISHINGWeave in ends. Lace ribbon through eyelets and tie in decorative bow. Trim ribbon ends at angle.