The pattern is a variation of Ruffled Roses, a scarf that Annie Modesitt designed for an early early version of ruffle yarn. It had a yarn end using the ruffle stuff, and then a nice ribbed scarf, and when you folded it in half and wrapped the ends through the loop, it formed this most delightful little rosette.
If I have enough time, there will be two ruffly ends. the other side will have increases and a very long cast off to match the extremely long cast on. sigh. Oh the price of beauty.
If not, then a loop will hold and suffice. The ruffle is rather dense and crisp and I think it will hold its shape and stay put if the loop is not too long. Illiman Royal is rated as a worsted weight yarn and I am knitting it with 3.5 mm needles. The fabric it makes is really just perfect.
And now I am going to tell you all a little secret. Someday, somewhere, somehow, I would love, almost above all other knitting things, to knit myself a green worsted weight alpaca shirt style sweater. I don't know why, but there it is.
Meanwhile, I will pet Mrs Bob and Bob till I have to give them away.