The knit two together is a right slanting decrease. It's super easy to work and is one of the more popular decreases.
Here's the set up. The stitches we'll be knitting together are the two on the left needle:
You're going to insert your right needle into the left side of the left most stitch on the left needle (lots of lefts right??
) Then you're going to knit. In other words, you're going to treat these two stitches as a single knit stitch.
In process shot:
And this is what it looks like when you're finished:
Yay! Now that you've handled all of those lefts you've got yourself a handy right slanting decrease.