A really easy stitch that looks more complicated than it is.

With color A, cast on a multiple of 4 sts, + 1.
Row 1 (Right side): Color A, k2, * (k1, yo, k1) in next stitch, k3; repeat from * to last 3 sts, (k1, yo, k1) in next stitch, k2.
Row 2: Color B, p2, * sl 3 wyif, p3; repeat from * to last 5 sts, sl 3 wyif, p2.
Row 3: Color B, k1, * k2 tog, sl 1 wyib, ssk, k1; repeat from * to end.
Row 4: Color A, p4. * sl 1 wyif, p3; repeat from * to last st, p1.
Row 5: Color A, k4, * (k1, yo, k1) in next stitch, k3; repeat from * to last st, k1.
Row 6: Color B, p4, * sl 3 wyif, p3; repeat from * to last st, p1.
Row 7: Color B, k3, * k2 tog, sl 1 wyib, ssk, k1; repeat from * to last 2 sts, k2.
Row 8: Color A, p2, * sl 1 wyif, p3; repeat from * to last 3 sts, sl 1 wyif, p2.
Repeat rows 1 to 8.

Knitting abbreviations:
Knit: K | Purl: P | Yarn over: Yo | Knit 2 sts together: K2tog | Slip slip knit: Ssk.
Slip stitch purlwise with yarn in front: Sl wyif.