I'm not sure why I'm calling this my Jester Scarf -- I think it's the colors. I took some knitting lessons at Sit n Stitch, a needlework store near me, and the instructor came up with this simple pattern that has a really cool raised effect in the middle.
Cast on 30 stitches
Knit (garter stitch) 6 rows
7th (and all other odd rows): K5, P20, K5
8th (and all other even rows): K30
Continue until you get the length that you want, changing colors as you please. (Yes, the stripes are uneven on purpose.)
When you get about an inch from the end, knit (garter stitch) the last 6 rows. Cast off, block, and fringe as you please.
I used Debbie Bliss Cashmerino Superchunky, which turned out to be $16 per skein. Yes, I am apparently a yarn whore. I didn't think to save the labels, so I'm not sure exactly what colors they are. The flash blew them out a little: the purple and red are a little darker in person, and the green is a little softer.
Overall, a good first effort, IMHO!