Its knitting up like Ribbon Candy, I may have to re-name it! The yarn is from Blue Moon Fiber Arts (BMFA) and is part of their holiday colors. This one is called Hollyday.
This is a very simple wrap pattern I found on Ravelry, theSunday Market Shawl.
After its knitted you drop stitches so that it ladders like the famous Clapotis and it opens up twice as big.