I loom knitted up several of these hats this year and everyone just crazy over them. Personally I thought they'd look much better in a crocheted version but I don't know how to crochet - YET! Regardless they turned out pretty good, were super quick to make and oh so easy....
For those of you who loom knit and would like to make some for yourself you can find the pattern here. Now before you get alarmed that the instructions for the eye are crocheted I did find a couple of different ways to make the eye on the loom. After trying two different versions I took what I liked best from both and now make my eyes as follows:
I use the blue
KK loom if I'm doing a one eyed hat or the flower loom if I'm doing a two eyed
hat. Cast on the loom and purl one row of gray. Switch to white
yarn and garter stitch two rows. Switch to black and ewrap for one row
and gather bind off.