Here is the link to the pattern, as promised:
http://www.heartstringsfiberarts.com/a49.shtm Other smoke ring patterns can be found there too.
I knit mine using Elsbeth Lavold Silky Wool. Since I am petite, I reduced the ring by one pattern repeat (ie. I cast on less stitches than called for in the pattern) and I just knit until the length suited me. The Silky Wool goes a long way. I used just one skein! So the project was very economical (a skein of Silk Wool sells for $10 Canadian around here.) The pattern was easy to follow. This was the first ever lace project for me, so I did have to tink back several times. Silky Wool is very forgiving and easy to tink with. It also feels very nice against the skin.
I plan to make many more of these!