Lace Ribbon Cowl

I've been wanting to make Lace Ribbon for quite some time--but then, what with move and holidays, I ran out of time. A quicker, yet still elegant version, I give you Lace Ribbon, cowl-ified:

The conversion is super-easy, and the yardage is small. I upped the needle size by a fair amount, to give maximum ribbon in a small amount of space.

Materials:

150 yards laceweight yarn (pictured in Punta del Este Mericash)
US 7 20-inch circular needle
tapestry needle

Gauge:

18 stitches & 27 rows = 4 inches in stockinette


Pattern:

CO 103 sts

Join, begin lace pattern as follows:

Rounds 1,3, 5, 7, & 9: k1, [ssk, yo2x, k2tog, k2tog, k3, yo] to last 6 sts, ssk, yo2x, k2tog, k1.

R2 and all even: k3, [ktbls, k8] to last 3 sts, ktbl, k2.

R11 & 23: k1, [ssk, yo2x, k2tog, k5] to last 6 sts, ssk, yo2x, k2tog, k1.

R13,15,17, 19, & 21: k1, [ssk, yo2x, k2tog, yo, k3, ssk] to last 6 sts, ssk, yo2x, k2tog, k1.

Repeat rounds 1-24 1.5 times, or until cowl reaches desired length.

BO very loosely.