It's a bookmark, of course. A little lacy bookmark.
And why is this such a notable accomplishment? Simple. It is the first—and so far the only—object that I have created from my own handspun yarn.
This tiny project is only 9" long by 3" wide; it used 10-12 yards of yarn, all that I had. The pattern is called Cabled Lace Bookmark—the August 8 entry from Knitting Pattern-a-Day Calendar, 2007. Cast on 19 stitches, knit for 28 rows, and you're done. Takes about a half hour--an hour if you're feeling leisurely.
I spun the yarn from two fibers mooshed together. I had a bit of white BFL left over from my first laughable spindling effort and some red Corriedale that remained from my second, slightly less laughable attempt. I spread out the two pieces of fiber, drafted them together, spun it all up, and two-plied it. The yarn is variously solid red, mostly white, or tweedy red/white. I loved it. Still do.
Nowadays I am spinning greater quantities of yarn and can reliably produce a two-ply fingering weight. But I have yet to knit anything else from my own handspun.