The Buckhorn Cap from Fancy Tiger Crafts is an excellent introduction project into stranded colorwork knitting. It knits up quickly on size 11 needles, which makes it the perfect weekend project.
When completed, this hat measures 22" in circumference and 9" from brim to crown.
Just a tip: if this is your first time knitting with two colors, try knitting this inside out, as suggested by Debbie Stoller in an excerpt from one of her books.
About 150 yards of worsted weight yarn for the base color
About 80 yards of worsted weight yarn for the contrast color
US 9, 16" circular needles (for ribbing)
US 11, 16" circular needles (for stockinette colorwork)
US 11 dpns
12 stitches and 14 rows=4 inches in stockinette pattern