In the fall when I knit the Waffle Hat I fell in love with the pattern. I said at that time that I would be making a dishcloth based on this stitch and here it is. The body of the cloth is a four row repeat.
Row 1 & 2: *K2, P2* repeat
Row 3 & 4: Knit all stitches
This dishcloth is the second dishcloth in the set I introduced last week. It is in the upper right corner.