I cannot for the life of me remember where I found the pattern for a stockinette scrunchie, but I finally pulled out the pattern, altered it, and created my first scrunchie. I love how it turned out.
First off, I used straight not circular needles. It called for circular but I just sewed the ends together.
Secondly, I chose to alternate K1P1 throughout. I thought stockinette would be boring.
Honestly, this is probably the most useful piece I have made for myself. I love scrunchies. I cannot wait to try different colors. I would also like to note that this is a great way to use up scraps!