It's totally thwacked cashmere nylon blend. It's self stripeing -like F yeah.
I used this pattern:
http://lostcityknits.com/product/dvd-socks-a-basic-toe-up-sock-format/
You knit the socks like a tube, and go in and knit the heel later. If your pearl stitches are all crazy like mine, and your knitting looks better in the round- this is a great pattern for you!