My daughter picked out this yarn on a trip to the LYS, and asked me to make her something; this is the result. It's a lacy shrug, sized for toddler girls, but resizeable for pretty much any size at all; it's quite simple and would make a good first foray into lace.
Pattern: Hug Me! shrug, self-designed, available on my blog, let me explaiKnit.
Yarn: Plymouth Dreambaby DK (50% microfiber, 50% nylon), 183yds/50g. This is a one-skein project, but barely -- I had roughly 4 feet of yarn left, including the tails clipped off after weaving ends. For those with nerves less steely, I'd suggest stopping the sleeves with *10* repeats of the lace, not the 11 I did. :) This would also let you make the cuff ruffle a bit longer.
Gauge: 5.5st/in in stockinette, on US6 needles; I recommend using a circ just for the flexibility, as both sleeves are knit simultaneously.
Notes: This is sized for toddler girls as written, but is easy to resize; I included notes of several ways you might choose to do so in the pattern.
The lace patterns are easy and would be good "first lace" fodder; the main pattern is the standby feather-and-fan, and then there's a column of eyelets in stockinette as well on the sleeves.
This is a pretty fun project on which to practice knitting back backwards; because you knit both sleeves at once with both ends of the ball of yarn (don't let that scare you -- it's really easy!), not having to turn will keep you from twisting the strands around each other, and because one WS row is purled and one knitted, you can practice both knitting and purling back.
You do need some finishing skills; the sleeves are knit flat and seamed, and the seaming is done on a single-stitch selvedge next to a row of eyelets, so you need to mattress stitch up the center of that single stitch, using just half a stitch in each side of the seam. It is absolutely worth the trouble -- here's a pic of how the seam looks when it's done:
The seam is in that slightly-wobbly column (because she wouldn't let me straighten it out! it's actually straight when it's not on a 3-year-old) with two columns of eyelets on either side of it, that looks like a single knit stitch; it's very clean, and you'll love it when you've finished it. The two sleeve seams are the only finishing in it, besides weaving ends, and they're not that long, so this is a good place to practice this as well.
If you knit this up, and especially if you resize it, please drop me a line and let me know how you found the pattern to work with!