It's only the middle of December; you still have time to knit a sweater for everyone on your list!

 Here's a little sweater you can whip up in a couple of hours. The project is worked in the round from the top down, with no seams. The tiny coat hanger makes it easy to hang up on your tree.

This design was inspired by Kristin Nichols' Egg Cozies featured in Weekend Knitting.

 You will need:

• Some yarn from your stash (not even a whole ball; probably less than half a ball). I used Noro Cash Iroha (green) and Elann Peruvian Highland Wool (red). The sweaters shown each used about 10 metres of yarn. 
• A set of five double-pointed needles in a size appropriate for your yarn.
• 2 pieces of scrap yarn, about 10 cm (4 inches) long, for holding the sleeve stitches
• tapestry needle
  
• stitch marker or split ring
  
• A piece of stainless steel wire to make the coat hanger
• a pair of needle-nosed pliers and wire cutters
• a piece of paper and a pencil

Gauge:  doesn't matter. If you use thicker yarn, your sweater will be bigger. (but I wouldn't use anything thicker than a worsted weight for this project, unless you have a very robust Christmas tree).

 Instructions:

Cast on 12 stitches over 4 DPN as follows: first needle, 4 stitches; second needle, 2 stitches; third needle, 4 stitches; fourth needle, 2 stitches.

Join to work in the round, being careful not to twist stitches. 

Work one round in stockinette stitch. Place marker to indicate beginning of round. Work one or two more rounds in St st. (the more rounds you make, the higher the collar will be, so if you want a turtleneck, make four or five rounds).

Increase: 

Now you are going to start increasing to make the front, back and sleeves of the sweater. Every other row, you will knit into the front and back of the first and last stitch on each needle. In between each increase round, work a round in stockinette stitch. After the first increase round, you will have 20 stitches on your needles. After the second increase round, you will have 28 stitches. After the third round, you will have 36 stitches, and after the fourth round, you will have 44 stitches. 

Put the sleeves on hold: 

After completing your fourth increase round, knit 12 (all the stitches on your first needle). Take your first scrap piece of yarn, thread it through your tapestry needle, and slip the next 10 stitchs onto the scrap. This will be your first sleeve, but you will come back to it later. Knit the next 12 stitches, then slip the last 10 stitches onto your second scrap of yarn. 

Complete the body:

You now have 24 active stitches. Divide these over your 4 needles (6 stitches/needle) and work in the round, using one of the following finishing options (or make up one of your own):

Garter ridge (shown in green version):  knit 5 rounds, purl 1 round, knit 3 rounds, purl 1 round, knit 3 rounds. Bind off all stitches loosely.

Ribbed (shown in red version): knit 10 rounds, then work last 3 rounds in K1P1 rib. Bind off loosley, in rib pattern.  

Complete the sleeves:

Transfer sleeve stitches from scrap yarn to 3 DPNs as follows: first needle, 4 stitches; second needle, 3 stitches; third needle, 3 stitches. Join yarn (leaving a long-ish tail so that you can close up any little gaps later) and work a three rounds in st st. 

Next round, K2tog, then work to end of round (9 st remaining). Work 10 more rounds, then bind off loosely. 

Repeat for second sleeve.  

Finishing:

You don't need to spend a lot of time weaving in ends, because it's not like anyone will be wearing or washing this sweater. Just make sure your ends are out of sight. You might need to close up some gaps in the armpits. Some people have issues with sewing up gaps in their knitting, but in this case, please don't let it worry you. 

Make the coat hanger:

Lay your sweater on a piece of paper, and use a pencil to trace its outline. Sketch out the shape of a coat hanger that will fit. Then bend your wire into shape, using your drawing as a guide. You could even decorate the end of your hanger with a glass bead if you were feeling really festive and had some beads lying around.

You're done. Now you can hang up your sweater on your Christmas tree. Or wrap it up for someone else.

Cheers!