I'm already making one! I actually started it before I'd even seen one done :) It's so much easier to knit a square at a time than a whole blanket.
I love this knit stitch. Cast on multiples of 4. Knit all right side (odd) rows. Row 2 and 4: p1k3 across. Row 6 and 8: k2, *p1k3 across to end, end with p1k1. Repeat 8 rows for pattern. Or for Row 6 and 8, start with a k1 and end with p1k2.