http://knitwithkt.blogspot.com/2007/07/reversible-baby-cable-washcloth.html

Materials:
1/2 skein Lily Sugar & Cream (100% Cotton) - worsted weight
US 7 (4.5mm) needles
Darning needle

Instructions:
Cast on 40 stitches.
Rows 1, 2, 5, 6: (K2; P2) repeat to end of row
Rows 3, 4: (K2Tog but do not slip stitches from left needle; K 1st stitch on left needle again and slip both stitches from left needle; P2) repeat to end of row

Work reversible baby cable pattern eight times total.
Bind off in pattern to last two stitches.
Work 2 stitch I-cord for 4 inches.
Bind off last two stitches and cut a long tail.
Fold I-cord in half to form loop.
Using long tail, secure end of loop to corner.
Weave in ends.

Obviously the loop is optional.

If you prefer to do your two stitch cables with a front cross stitch (K in second stitch on left needle; K in first stitch; slip both stitches), you'll get a similar look.