Please excuse me, as I'm not a professional at writing these things. I mostly just make things up as I go along. Leave me a comment if you're having difficulties.
You will need: 5 double pointed needles (size US 8: 5.0mm), 5 double pointed needles (size US 7: 4.5mm), beige, pink, red, green, and variety colours of yarn.
Cast on 60 stitches. Distribute between 4 double pointed needles (suggested:16, 16, 14, 14) .
Begin in a K2, P2 pattern, continuing the rib all the way around. Place a stitch marker.
Continue in the ribbing for 2.5-3 inches.
Switch yarn to colour chosen for icing (in this case, pink). In the new colour, knit into the front then back then front of each stitch. This will triple the number of stitches that you have on your needles (180).
Knit 3 rows.
Next row: *K2tog, K1. Repeat from * until end of row (120 stitches).
Next row: K2tog and repeat all the way around (60 stitches).
Switch to the smaller needles. Knit in the round until work measures 5-6 inches from the bottom to the top.
Decrease:
*K8, K2tog. Repeat from * until end of row (54 stitches).
Next row: *K7, K2tog. Repeat from * until end of row (48 stitches).
Next row: *K6, K2tog. Repeat from * until end of row (42 stitches).
Next row: *K5, K2tog. Repeat from * until end of row (36 stitches).
Next row: *K4, K2tog. Repeat from * until end of row (30 stitches).
Next row: *K3, K2tog. Repeat from * until end of row (24 stitches).
Next row: *K2, K2tog. Repeat from * until end of row (18 stitches).
Next row: *K1, K2tog. Repeat from * until end of row (12 stitches).
Next row: *K2tog. Repeat from * until end of row (6 stitches).
Next row: Move all 6 stitches onto 1 dpn *K2tog. Repeat from * until end of row (3 stitches).
Cast off. Sew up and finish the top.
Cherry can be found here:
Free Cherry Pattern on Ravelry
To finish: sew/secure the cherry onto the top of the hat. For the "sprinkles", use a darning needle to sew small pieces of yarn into the top. Cut and tie off each "sprinkle".
Happy knitting!!!