This is an easy lace stitch, perfect if you have never knit any lace before. The above sample was knit with Vanna's Glamour, on size 5 needles.
Cast on any multiple of 2, plus 1
SKP = Slip the next stitch, Knit one, Pass the slipped stitch over the stitch you just knit
Rows 1-2-3: Knit all stitches
Row 4: Knit 1 *YO, SKP*, repeat from * to end of row
Repeat these 4 rows for pattern
If you are unfamiliar with SKP, here is a video