It's hard to see the coloring in this with my lighting, but it's a bright and pretty pink colorway (Sugar & Cream Stripes).
Here is the YouTube tutorial on how to do this stitch variation. Talk about simple! I'm just making a dishcloth right now (H hook, approx. 8in wide), but I think this would work up so pretty for a baby blanket! It has a wonderful texture, very like a waffle weave or thermal sort of stitch. Thicker yarn, larger hook...you'd get a very open and airy look.
It's so pretty. I'll do a solid color tomorrow and see which I like better :) Can't have too many dishcloths/washcloths, right??