Using a heavy fingering/sock weight yarn, Wendy McDonnell has created a gorgeous smoke ring.
She says "I love the way it lays on my shoulders, sort of like a warm arm around me."
Wow. This sounds marvelous.
Wendy's original was done with a yarn that she spun herself but any heavy fingering weight yarn will work -- provided you have about 600 yards of it.
The beads used are size 6/0 and you will need about 1050 beads. The beads are added via the crochet hook method of adding-as-you-go, so plan on a very thin crochet hook, size 12 or smaller (as the number gets larger, the hook gets smaller -- take a look at our size 14s and 16s for this).
The pattern is such that you can truly make it your own, adding more lace to it if you so choose or just knitting as you desire. The weight of the beads makes it lay flat and lovely without needing constant adjustments.
A wonderful little piece, that will provide hours of knitting enjoyment and then keep you (or a loved one) snug and warm.
Yarn 
