Baby Newborn Magic Troll Vest by Eba Design.
This pattern is a free download available via www.Ravelry.com. It is a very quick knit... I'd say a two evening project in a DK weight.
There are currently over 100 projects knit from this pattern, so lots of ideas and yarn choices to think about.
I knit mine in King Cole's Dolly Mix DK (acrylic is super easy to care for for kids), which I bought for under £1 per 25g ball. I used most of 3 balls, but had plenty left.
Here are my project notes... SarasTextureCraft/baby-newborn-magic-troll-vest.
Having said that I'd used Acrylic, I do think some hand spun would make a wonderful and more luxurious choice.
Something to remember... if you change your needle size and yarn weight you will achieve a different size garment to finish with. This will help I you want to knit bigger sizes, as the pattern has not been graded.
Happy knitting friends!
Website: www.SarasTextureCrafts.com - Ashford Agent and fibre artist/supplier.