Shetland Chunky Tweed by Patons. And the color is called Deep Red. It's a simple pattern of K2 P2 Ribbing...and it looks like two balls will do the trick perfectly.
For all you fellow knitters out there...the squish factor rating is: HIGH!
I think my favorite thing about this project is not just the squish-able-ness, but also the fun flecks of color throughout.