Striped Legwarmers

metal double-pointed needles ~ 1.5 mm diameter (size 0000 "lace pin" for lace knitting)
DMC floss in two colors: two skeins of main color, one skein of contrasting color

Note: DMC floss is very "splitty", made of cotton (not very springy), but won't attract moths.  You might consider one of their other threads which are not meant to be split apart.

Stockinette stitch version: CO 20 st in MC round 1: k in MC round 2 & 3: k in CC round 4 & 5: k in MC Continue until desired length.  After knitting TWO rounds in the last color, then bind off loosely.  Weave in all ends.

Stockinette version looks a lot cleaner than the ribbed version, however, it doesn't stretch much & the pony's foot is compressed to get it on.  You might need to heat the pony with a hairdryer to get the plastic pliable enough.  Not meant for ponies with delicate paint jobs.