Cast on 48 stitches. I used size 8 needles and 3 colors of worsted weight yarn*.
Work stockinette, and during every other knit row, increase and decrease as follows: k2tog*4, kf&b*8, k2tog*8, kf&b*8, k2tog*4.
Change colors every 3 rows.
* At least, I think that's what I used. The label recommended either size 7 or 8 needles, and said size 8 would yield 4.5 stitches per inch.