We're loving Catkin, currently the most popular new pattern on Ravelry.  The interesting architectural lines of this design create a unique and beautiful wrap.  We especially like treeefroggin's version in  strong contrasting colours . . .
And we think Harrisville 's New England Shetland would be  the perfect yarn for this project.  This light and lofty 2-ply fingering weight yarn is our first choice for colour work and textured knitting. With 32 heathered shades to choose from, picking two colours may be the hardest part of the project.