Ribbed Baby Hat

To match the ribbed baby jacket I made, I thought this ribbed hat would go perfectly.

CO 48 sts on 16" size 8 circular needles
Join in the round, careful not to twist sts
*K2, P2* around and around until the work measures 4.75"-5"
If you want to fold the hat up at the bottom and have a little cuff, make it even longer.
*K2, P2TOG*
*K2, P1*
*K2TOG, P1*
*K1, P1*
*K2TOG*
Pull yarn through remaining 12sts and pull tight.
Weave in loose ends.