Guess what?! I made my son a version of this beanie for his 4th birthday!
The pattern for the cap came from http://www.angelfire.com/wv/happyghan/twinstitch.html. Yarn was from my grandmother's and mother's stashes.
He really likes it. He grabs it and pulls it on every time we leave the house.
(The images from Craftster photo hosting aren't showing up in the preview. Hopefully they'll come through in the post.)