I have been snowed in, and along with cooking and watching movies, I have been knitting like my life depended on finishing this project over the weekend. The pattern called for a double strand of worsted weight yarn, but I used a single strand of chunky instead, Encore Chunky which is 75% acrylic and 25% wool, washable. I especially like that it's washable because of the light color. I can imagine spilling all kinds of things on this poor poncho. I had an extra leather-covered button, so I sewed it to the front just to add a little something extra.
Usually when I finish a project, I am so sick of the pattern and yarn I never want to make it again. But this was so quick and easy, and the simple cable pattern made it interesting. I would definitely make this again, although I wouldn't want another snow-bound weekend, at least not until next winter. Here is the free pattern.
added later: I forgot to mention that instead of using two strands of worsted weight, I used one strand of chunky weight. I also made it slightly smaller than the pattern suggested.