WIP (Work-In-Progress)

Like all crafters who cannot settle with having just one project on hand, I usually have about 2 going on at the same time.  I started this one when I was knitting the hats for the kids...

Can you guess what this is? (ok, there is no prize for making the correct guess but it's fun!)  Now I'm waiting for more yarns to arrive to continue.  

Not sure how this will turn out, will update again once it's completed, stay tune! ^.^